if Fisher or any other of the incompetent, irresponsible money printers at the Fed believed that, they would immediately stop targeting interest rates and start targeting some supply-based measure of monetary growth or create some variation of the gold standard.

A lot of people observe that the Fed hasn't expanded the monetary base in essentially two years. That might be true, but as far as what Fleck is saying, it might not matter: look how much they've already grown the monetary base in the recent past, enjoying low consumer price increases most of that time.

That benign measured inflation appears to have come to an end. What we are seeing now is "spill out". Dollars printed long ago but locked up in structured finance and sitting overseas are now coming home to roost.

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