Sunday, November 18, 2007

The Joke's On Us

"The whole idea of core inflation is reminiscent of a prank Herb Stein, head of President Nixon's Council of Economic Advisers, played in the early 1970s. When a bad batch of numbers was released, Stein deadpanned that if you took out all the items in the Consumer Price Index that had gone up, there would be no inflation. Amazingly, most reporters took this as a profound insight", Steve Forbes in Forbes, 26 November.

That you Steve for reminding me of this.

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