Fed's Poole sees bigger inflation threat than recession
Unreconstructed monetarist William Poole was the lone "No" vote in today's announced decision by the Federal Reserve to whack short-term interest rates by the biggest amount since 1994. It was also the first emergency rate cut since right after the 9/11 terrorist attacks. Poole has made no public statement, but through his history and his writings we can take a pretty good guess at what he's thinking: He's worried about the integrity of the dollar and what may be the most threatening resurgence of inflation since the 1980s.
