JANET YELLEN FED
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A speech delivered by Janet Yellen, vice chairman of the Federal Reserve, began by reminding the audience that the Fed's mandate is a society of high employment, not just low inflation, and she made several important points that seem to have eluded President Obama -- all of which are implicit rebukes to the Administration's fiscally deflationary approach to the recovery. What sort of a topsy-turvy world is it when we have to look to the Federal Reserve, normally the home of inflation hawks and shills for commercial bankers, for ordinary common sense on the economic recovery? It's not that the Reserve has become dangerously left wing. It's that the rest of Washington has been captured by the deflation delusion.