Everyone knows inflation is raging. As this is written, it is at a 40- year high at 7.9 percent. And part of the blame for creating higher prices belongs to the Biden administration for stimulus programs that added trillions of dollars to the economy. Equally culpable is the Fed for keeping interest rates incredibly low and flooding the economy with liquidity through its program of quantitative easing, which consisted of purchasing government and mortgage-backed securities in the open market. But the severity of the inflation could have been avoided if the Fed had acted earlier, when most observers realized that...

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