The FOMC would probably target headline inflation if it moved to an explicit goal, Meyer said. Two percent would be the most likely target, and the time period over which policy makers expect to achieve it will likely be the “medium term,” a vague horizon that makes clear this is not a goal for a one-year period, he said.
2% over 40 years (the average working stiff’s time in the employment marketplace) results in a price index that is 239% of where it was on your first day of work.
Put a different way, such a “target”, if met, results in a fifty-eight percent debasement in your purchasing power over your working life.
Who gets this money? The banks. It was literally stolen from you.
This is not a felony resulting in arrest, indictment, prosecution and imprisonment…. why?
It is illegal under current law, by the way. The Fed’s own mandate says:
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
Webster’s says that stable means:
Definition of STABLE
1a : firmly established : fixed, steadfast b : not changing or fluctuating : unvarying c : permanent, enduring
We need to add an “or else” to the Federal Reserve Act to prescribe punishment for violations of The Federal Reserve Act and then lock up every member of the FOMC.
Twenty years worth of pound-you-in-the-butt Federal Prison appears to be about right as a punishment for this intentional act – an act that, incidentally, has been committed repeatedly, intentionally and wantonly since The Fed came on the scene, and which has averaged not 2% but about 3% over the last 50 years.
NOTE: While I do agree with my friend Mr. Denninger, I’d also add:
I think it is pretty clear now that the Federal Reserve was always designed and implemented to be a looting mechanism. They control the Congress and the Congress has Article 1, Section 8 of the US Constitution.
Brilliantly, simple actually.
American citizens have been entirely defrauded.