They reckon that when the economy is starting to stall they must immediately cut interest rates.
When interest rates fall to zero or close to zero they claim they must do QE.
They claim that this is orthodox monetary policy.
When inflation is rising rapidly, orthodox monetary policy says you must start to raise interest rates to prevent the economy from overheating.
Hence the fudging of inflation figures, the cries of "transitory, transitory, transitory!", the deferring and the demurring ("we need more data").....they can't follow the ground rules they claim to have been following when the were slashing rates will-nilly. Bcause if they did it would mean that their bloated asset bubbles would come crashing down, and the 'wealth effect' would disappear like a puff of smoke in a hurricane.
There will be lies, lies, and more lies - while inflation pressures continue to rise, rise, rise.
