In a free market there will be cycles of inflation and deflation. The FED intervention just kicked the can down the road.
It’s funny how ‘taming’ the business cycle results in moral hazards and selective bonanzas. I’m thinking of the dairy subsidies, Sam Donaldson’s mohair wool subsidies, sugar quotas, and all manner of corporate cronyism. Prices inevitably go up, competition is stymied, and barriers are erected to entry of many fields.
And we prattle on about how free we are.