Re: hyper inflation in the USA?
I am "subtly" apologetic. I do apologize to the community for my part in wasted bandwidth about things other than the topic.
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The subject of different measures of unemployment is at least as complex as the different measures of inflation. One general comment that shouldn't be too controversial is that many spot employment reports are extrapolated from incomplete data and inaccurate, often resulting in significant corrections later in either direction when more reliable data comes in, so don't try to read too much precision into these fast and loose employment numbers.
To tie this back to hyper inflation (remember that?) there is not complete agreement over what number should constitute full employment (for which benchmark?) so using employment level as a metric to drive monetary policy could get interesting... "are we there yet?"
I guess at near 9% it's safe to say we aren't at full employment, but if loose monetary policy hasn't worked yet, when is it expected to do it's magic? What if it can't fix the employment problem (as some believe)? We could end up creating another bubble in some other asset class.
I would like to see more precision in exactly what the fed is supposed to be managing against. Throwing liquidity at imprecisely defined "full" employment and/or inflation benchmarks with measures that don't include food or energy. Seems like they have more than enough rope to get in trouble, as they have before (dot com bubble, housing bubble, next bubble?).
JR
note: in fairness the fed is not responsible alone for the housing bubble, they had lots of help from all corners.
