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Who to blame?

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, from a speech given yesterday in Anniston, Alabama:

The Fed, like every other central bank, is powerless to prevent fluctuations in the cost of living and increases of individual prices. We do not produce oil. Nor do we grow food or provide health care.

No.  But you can print money, bail out banks and completely fuck up the pricing mechanism.

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