This is absurd. Not only does this change the definition of inflation – which is always measured over a year – but also adds in a new measure of core inflation which is affordable if non-core measures have gone down to compensate.
The Federal Reserve has been, for decades, very open about the fact that its preferred measure of inflation to use as its policy target is Core PCE.
Sigh. But then there’s this which is even better:
Instead, they are just looking to create an environment where strong positive interest rates that are designed to redistribute wealth upwards in society become the norm.
This is, recall, the man who insists that pensions savings should be done in bonds. Yet he argues that interest rates should not be positive at the same time.
Elynomics is, if you like, the antithesis of cakeism and all the contradictory and inconsistent theories can be ignored because they boil down to this: you shall not eat cake; you shall not have cake; you shall not even have a glimpse of cake nor yet a picture of cake. Cake, pffft!
Only 22 months Spud wrote
“Low interest rates are driving inequality ever upward, . .”
I think the theme is not consistency itself, but consistently getting attention for meeee.
This is, recall, the man who insists that pensions savings should be done in bonds. Yet he argues that interest rates should not be positive at the same time.
That was 15 minutes ago. This is now.
Inflation is not *always* measured over a year. It can be measured over the period of a government, and is frequently measured over a month, especially in Venezuela. Inflation from February 1974 to May 1979 was 112.3%: it is possible that Murphy does not want to know that.
@ Dennis
Nothing inconsisten about that. He wants everyone to be dependent upon the curajus state – anyone who has a pension resulting from half-a-century of working and saving that will keep them in modest comfort is not dependent upon the curajus state: gas chambers are “so last year” so destroying savings with inflation and negative “real” interest rates is his preferred solution.,