> "I wish there were a painless way to do that," Powell said. "There isn't."
A reminder to us that psychopaths are running the world economy.
Labeling Powell/the Fed as a psychopath simply because they're turning one of the very few if not only inflation control knobs they have seems extreme.
A psychopath would have done this randomly or at an illogical time (say by raising rates at the outset of the Great Recession). Just because you don't like the outcome of a decision doesn't make the decision maker a psychopath, more so when they agree that they wish there was a better way.
The actions taken in 2007 and 2008 were largely because of how terrified decision makers were of the Great Depression (Bernanke in particular was a deep student of that era and saw lots of similarities).
The Fed’s mandate has always been to control inflation and promote employment. The goals sometimes oppose each other. There’s no evidence they have stepped aside from this mandate. Employment was so prioritized by the Fed for so long that their actions promoting it probably fueled some of this inflation, and led to them to not fighting the inflation sooner. Hardly the actions of Vladimir Putin.