At the end of the day, ZIRP is really not even a monetary policy. In fact, it constitutes a giant, capricious transfer of income and wealth by an agency of the state"Can Kickers United—–Why It’s Getting Downright Hazardous Out There." By David Stockman, 8/25/15.
to borrowers and gamblers at the expense of savers and producers.
Indeed, not a net dime of the massive $3.5 trillion of new liabilities created on the Fed’s balance sheet during that period ever escaped the canyons of Wall [Street].
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[Big snip discussing BLS fictitious construct called Owner’s Equivalent Rent (OER) to represent housing costs and showing that if "honest commercial data" are factored into the standard BLS "medicated" consumer price index a different inflation rate is evident.]
In short, it’s kind of hard to say that 45% inflation in 15 years is not enough. Yet the official CPI adjusted for an accurate housing inflation rate computes to 2.5% per annum.
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