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As this is Buffoon's Day Weekend (otherwise known as "President's Day") and tomorrow the markets are closed, it is time for something that will require contemplation.
Pull up a chair or turn on the hottub and take this in; it may require more than one sitting.
We shall start with what I call the "3% Solution." This is the premise that Ben Bernanke loves to run. He of course argues that it's a 2% solution, but it rarely is. I am speaking of the intentional inflation that he fosters through the monetary system, an inflation that under the black-letter law of The Federal Reserve Act is a violation, albeit one without a penalty clause. As such he can do as he will, since this "law" has the same import as does a "law" against bank robbery with no penalty attached (the line for robbery stretches out the door and down the block in such an instance, of course.)
