or the Fed is clueless as to how its own policies operate
Don’t think for a second that these people are stupid or clueless, they know exactly what they are doing. ALL DEBT BASED Monetary systems require a Constant Devaluation just to Break Even, throw in the Welfare State and the ability to Print as much money as you desire and you see where it has got us.
simple question:
If ALL DEBTS public and private were PAID OFF today, would there be ANY Federal Reserve Notes or Credits in existence??
No. Total public & private debt: 57,538.86 Billions of Dollars; total money supply: 12,727.7 Billions of Dollars. The good news is that it's always been that way and it's never been a problem.