At first I thought that Fed bankers were fraudsters. Maybe they are just stupid.
From Investopedia on the Fed’s dual mandate:
“The current mandate of the Federal Reserve first made its way into the Federal Reserve Act in November 1977. The 1970s were plagued with high inflation and unemployment, a severe adverse macroeconomic condition known as stagflation, which motivated Congress to reform the original Act of 1913. With the intention of clarifying the Fed’s Board of Governors and the Federal Open Market Committee’s (FOMC) roles, Congress’ Reform Act explicitly identifies “the goals of maximum employment, stable prices, and moderate long-term interest rates.” It is these goals that have come to be known as the Fed’s “dual mandate.”
The first thing to notice is that the so-called dual mandate actually appears to be a triple mandate of achieving the following three goals: 1) maximum employment; 2) stable prices; and 3) moderate long-term interest rates. We shall begin by looking at the first one, maximum employment, before we turn to the other two, which can effectively be treated as a single mandate.”
There are actually cultures that are so poor that they have a numerical system of one, two, and many. Was this the Fed’s idea of a joke after the end of Brenton Woods that we were heading in that direction? Or didn’t they realize that dual means two? or, did they simply think, well, it isn’t one thing, I guess that it must be two things ? Maybe they plan for two be the maximum number of anything for anyone, except that their two could actually be trillions, and everyone else’s two, would simply be two, but since all are counted as two, there is an illusion of equality. Or have they simply had one too many?
And then there is this:
How to Give a Central Banker a Nervous Breakdown in 13 Minutes – Andrea Iravani