"One of the most irresponsible actions in Fed history."
William Fleckenstein and Frederick Sheehan on the emergency rate cut of October 15, 1998 (1)

PREFACE:

"Economists look at inflation through the wrong end of the telescope and deflation through a magnifying glass."
Wilhelm Ropke

One of the myriad ways in which mechanical engineering, my chosen field of endeavor, differs from economics is how mechanical engineers make complex things simple.  Economists on the other hand take simple things - with transparently obviously truths - introduce a host of unnecessary complexities, and produce bogus results.

SUMMARY: