Jay Powell addresses John Kennedy in indirectly confirming that in order to bring inflation back to the Fed’s 2% target, the Fed has to indirectly or directly push unemployment to 10% again!
So the Fed wants to take credit for reducing inflation that they themselves caused in the first place, but they do not want to take the blame for the rise in the unemployment rate! The Federal Reserve’s mandates are stable prices and low unemployment. By J-Pow admitting this, John Kennedy knows he can get the Fed on the record saying that their current policies WILL cause a rapid increase in unemployment, and therefore they are not adhering to their mandated standards (to which I would argue they never could have in the first place because the Fed is illegal and is a giant Ponzi scheme)! They should be targeting zero inflation or even deflation, but that eliminates their whole scheme if they ever tried to do that. It’s time to dust off the old monetary system and bring back Gold and Silver, which is real money!