of inflationary outcome. And my view are gravely wrong. If accelerations and monetary growth only produce very transitory gains in economic activity. When people realize the inflationary impact of monetary policy, then the system becomes unanchored. And you have this devastating impact that worsens the income wealth distribution. And so the best thing for the Federal Reserve is to maintain its independence and not give up its ability to do the right thing. And I don't know to what extent this played a role, but the Federal Reserve moved very, very slowly to deal with the monetary increase that they put into the economy in 2021 and the inflation got out of control. Now, the inflation has come down. But last year's decline is what I call a contra normal cyclical development. That was the largest decline in inflation for any year in which GDP was rising inflation. Has declined by more than it did in 2024 on several occasions, but they were all in recessions. So we got a response, but it (35/41)
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