NYT: A vocal minority once again threatens the Fed: “to retreat more quickly” from its easy-money policies, which they warn run the risk of causing inflation.

But there’s something you should know: That “vocal minority” has been warning about soaring inflation more or less nonstop for six years. This "vocal minority" warned about the danger of rising inflation in 2008. Warned about it in 2009. Did the same in 2010, 2011, 2012 and 2013. They were wrong each time, but, undaunted, are now doing it again.

Unless you are mentally ill, if you try something several times and it does not work, you don't try again. The inflation hawks, however, show no sign of learning from their mistakes.

What is it about crying “Inflation!” that makes it so appealing that people keep doing it despite having been wrong again and again?

The answer: politics — and, in particular, in class interests. There is not a shred of evidence that cutting tax rates on the wealthy boosts the economy, but there’s no mystery about why leading Republicans like Representative Paul Ryan keep claiming that lower taxes on the rich are the secret to growth.

You should ask inflation hawks to explain why “Government is always the problem, not the solution, unless we’re talking about the Fed cutting interest rates to fight unemployment”.