When The Fed Decides That Inflation Is

On The Political As On The Economic Front It's Important Not To Fall Into The "not As Bad As" Trap. High Unemployment Isn't O.k. Just Because It Hasn't Hit 1933 Levels; Ominous Political Trends Shouldn’t Be Dismissed Just Because There’s No Hitler In Sight.

For Decades The G.o.p. Has Won Elections By Appealing To Social And Racial Divisions, Only To Turn After Each Victory To Deregulation And Tax Cuts For The Wealthy — A Process That Reached Its Epitome When George W. Bush Won Re-election By Posing As America's Defender Against Gay Married Terrorists, Then Announced That He Had A Mandate To Privatize Social Security.

But Where Will The Fed Find Another Bubble?

Generous Unemployment Benefits Can Increase Both Structural And Frictional Unemployment. So Government Policies Intended To Help Workers Can Have The Undesirable Side Effect Of Raising The Natural Rate Of Unemployment.

The Raw Fact Is That Every Successful Example Of Economic Development This Past Century ... Has Taken Place Via Globalization.