Meanwhile: The Fed’s Golf Gaffe, by Matt Taibbi

Those Fed governors, they feel your inflation pain, even if they’re the ones who inflicted it. From Matt Taibbi at taibbi.substack.com:

The nation’s central bankers, who’ve have had a rough year in headlines, are letting us all know how they learned about the horrors of inflation

Mind if I play through?

Philadelphia Federal Reserve President Patrick Harker gave an in-person speech at the Center for Financial Stability in New York the other day. Because of the pandemic, it was his first in a while, so he stuck to public-speaking basics, kicking things off with an ice-breaking joke.

“I know I’m a little out of practice, because just as I was about to begin speaking, I made sure my mute button wasn’t on,” he cracked. “In all seriousness…”

Shifting to a graver theme, he mentioned the old saw about being cursed to live in “interesting times.” The novel coronavirus, he said, “has tragically killed at least 6 million people globally and around 1 million here in the United States,” adding, “That’s the equivalent of a city larger than San Francisco or Seattle.” Russia has also invaded Ukraine, he said, “fomenting death and destruction and spurring a humanitarian crisis in the heart of Europe.”

Next in this parade of calamities: the scourge of inflation, a problem so serious that it touched him and his colleagues personally.

“One of our contacts, for instance, mentioned whopping membership fee increases at his golf club,” Harker said, “suggesting this summer may be a good time to play at your local muni instead.”

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