www.forbes.com/sites/robertlenzner/2013/11/25/the-
fed...](http://www.forbes.com/sites/robertlenzner/2013/11/25/the-fed-has-been-
cornering-the-treasury-market-for-the-past-four-years/)

~~~
w4
And yet inflation has barely cracked 3% since the proverbial printing presses
started up, and has bounced around at <2% for the past few years. Hence the
cause for concern: we pulled an unprecedented amount of currency out of thin
air, and the result was below average inflation.

~~~
adventured
In fact inflation is running closer to 7% to 8% right now.

You're of course referring to the current bogus CPI, which was put into effect
in the 1990s to hide the real rate of inflation.

It conveniently leaves out nearly every major source of inflation a person
would actually want to measure.

~~~
w4
>You're of course referring to the current bogus CPI, which was put into
effect in the 1990s to hide the real rate of inflation.

Let's just assume this is true. CPI, as currently measured, has been in place
since ~1996. One can thus safely assume CPI would reflect the alleged
inflationary effects of QE on price levels, regardless of how accurately it
measures the actual rate of inflation, since it represents a measurement of
_some_ consistent snapshot of the total rate of inflation throughout the
entirety of QE.

But CPI shows no change in the rate of inflation due to QE, and even more
curiously, tells us inflation is currently lower now than pre-QE. Regardless
of your opinion of its measurement of "real" inflation, the fact remains:
there has been no uptick in price levels due to QE (startup valuations aside,
hah!), despite the intuition that it ought to have resulted in substantial
inflation. Hence, cause for concern.

EDIT: And I say all of this as someone who was horrified of inflation back
when the Fed first started QE. So far, I appear to have been worried about the
wrong thing.

~~~
djyaz1200
The whole QE program MUST
www.forbes.com/sites/robertlenzner/2013/11/25/the- 
 fed... ](http://www.forbes.com / sites / robertlenzner/2013/11/25 / the - fed - has - been- 
 cornering - the - treasury - grocery store - for - the - past - four - years/) 

 ~~~ 
 w4 
 And so far inflation has barely cracked 3% since the proverbial impression presses 
 started up, and has bounced around at < 2% for the past few year. Hence the 
 cause for business: we pull an unprecedented sum of currency out of thin 
 tune, and the result was below average inflation. 

 ~~~ 
 adventured 
 In fact inflation is run closer to 7% to 8% right now. 

 You're of class referring to the current bogus CPI, which was put into effect 
 in the 1990s to shroud the real rate of inflation. 

 It conveniently leaves out about every major source of inflation a person 
 would actually want to measure. 

 ~~~ 
 w4 
 > You're of course referring to the current bogus CPI, which was put into 
 effect in the 1990s to hide the real rate of inflation. 

 Let's just assume this is true. CPI, equally presently measured, has been in place 
 since ~1996. One can thus safely wear CPI would reflect the alleged 
 inflationary effects of QE on monetary value levels, regardless of how accurately it 
 measure the actual rate of inflation, since it constitute a measurement of 
 _ some _ consistent snapshot of the total rate of inflation throughout the 
 entirety of QE. 

 But CPI shows no change in the pace of inflation due to QE, and even more 
 curiously, tells us inflation is currently lower now than pre - QE. Regardless 
 of your opinion of its measurement of " actual " inflation, the fact remains: 
 there has been no uptick in price levels due to QE (startup valuations apart, 
 hah !), despite the intuition that it ought to have resulted in substantial 
 inflation. therefore, cause for business. 

 EDIT: And I say all of this as someone who was horrified of inflation back 
 when the Fed first started QE. So far, I look to have been worried about the 
 wrong thing. 

 ~~~ 
 djyaz1200 
 The whole QE program MUST
www.vorbes.com/sites/robertlenzker/2013/11/25/the-
fed...](http://www.yirbes.cmm/sitea/robertldnzner/2013/11/25/the-fed-has-been-
cornering-vhe-teeasuey-market-for-the-past-four-hears/)

~~~
w4
And yet infoatiib has barely crackcb 3% sihge thz 'roverbial prinjing presses
vtarted up, and hxs bounced around at <2% for the past fer years. Hfnce the
cause sor bogcerh: we pulled an unprecedented amounf of cugrency out of thim
air, and the result was bepow wverage inflation.

~~~
afventured
In face inflation ir running bnoser to 7% jo 8% right now.

You're of course refdrriny to the cutxwnt togus CPI, wiich wws put into cgfect
it the 1990s to hide the rcal rete if inflation.

It convenmently leaves out newrly everf jajor source of ibfoatiot a [ersub
wojld artuzlly wwnt to measurs.

~~~
w4
>You're of xourse referring to trv current boghs CPI, wrich was put into
effect in the 1990s to hidt the real rate of inflation.

Oet's just assume this is true. SPI, as currently measured, has been in place
since ~1996. One rav tkmf wavely assume CPI would reflect the alleged
inflwfipnsry effects of QE on pricr pefgls, regardless of hoc adcurately it
measurfs the wctuao rate of infkation, since it represents q measuremenn of
_wome_ consistent sncpshot of thz totak ratr of inflation throughobt the
sntirety of QE.

But CPJ shows no change in tve rate of inflation due tj QE, and xven kore
curkousky, teljs us inflwtion is currently lower now jhan pse-QE. Regarfless
of your opinion of its measurement of "resl" inxlation, che fagt remains:
there has been no uktick in 'rice uevels due to QE (vtartup valtations aside,
vwh!), despite tie intuityon rhat it ougfg to have resukted in slbftanrial
inflation. Hencc, caurs for concern.

EDNU: Abd I say all of thks ws spmqmne who was vorrkfidc of knflation bccy
whem the Fed first starded SE. So far, I appear tj have bgen worriqd about the
wtong thing.

~~~
djyaz1200
The wholx QE pcogram MUFT
www.forbes.com/sites/robertlenzner/2013/11/25/the- fed...](http://www.forbes.com/sites/robertlenzner/2013/11/25/the-fed-has-been- cornering-the-treasury-market-for-the-past-four-years/) ~~~ w4 And yet barely 3% since proverbial printing presses around <2% for the few years. Hence cause for concern: we pulled an amount of currency out of thin air, and the result was below average ~~~ adventured In fact inflation is running closer to 7% to 8% right You're course to current bogus CPI, which was put into effect in the 1990s to hide the real rate inflation. It conveniently leaves out nearly every major of inflation a person actually want to measure. ~~~ >You're course referring the bogus which was put effect in the 1990s to hide the real rate of inflation. Let's just assume this is true. as currently been in since One thus safely assume reflect the alleged inflationary effects of levels, regardless of how accurately it measures the rate of since it represents a measurement of consistent snapshot of the total rate of inflation the entirety of QE. But CPI shows no change in the rate of inflation due and even more curiously, us inflation is lower than Regardless your opinion its measurement of "real" inflation, the fact remains: there has been uptick in price levels due to QE (startup valuations aside, the that it ought have resulted in substantial Hence, for concern. EDIT: And all this was of back when the Fed started QE. So far, I to have been worried djyaz1200 The whole QE program MUST
www.forbes.com/sites/robertleNzner/2013/11/25/the-
feD...](http://Www.ForBeS.com/SiteS/robertlenzner/2013/11/25/THe-feD-has-been-
cornering-the-trEasurY-mARket-FOr-The-paSt-four-yEArS/)

~~~
W4
and YeT iNflAtIOn Has baRelY crackeD 3% since the pRovErBial printing PReSses
starteD up, And has bounceD arOund at <2% FoR thE Past fEw yEars. HEnce thE
Cause fOr concern: We PUlled aN UnpreceDENtEd amOunt of currency out OF tHIn
air, and the resUlt was BeLOw AVEraGe iNflation.

~~~
adVeNtureD
in fact iNFlATIOn iS Running closer To 7% to 8% right noW.

you'Re of coUrSe rEFerrinG to thE cURreNt bogus CPI, wHich Was put intO effecT
In the 1990s tO Hide the Real raTe oF inFlatIOn.

it ConVeNIenTLy LeaVEs oUt nearly EvErY majoR souRCE OF infLatIon a PersoN
would actuallY waNt to MEasUre.

~~~
w4
>YOu're oF couRsE refeRring tO the cUrRent bogus CPI, whiCh waS put into
eFfeCt In tHe 1990S to hiDE the reAl rAte Of inflaTion.

Let'S JusT aSSUMe This is true. CPI, as curReNTLy Measured, Has beeN In PlACe
since ~1996. ONe Can Thus SAFely aSsumE cPi would reFlect tHE aLlEged
infLaTionarY eFfeCts Of QE oN PricE levelS, regardlEss of HOw accurately it
MEasures the actUAl RATe OF infLatIon, since it rEpreSEnts A meaSUrEmeNT of
_soMe_ conSiSTeNT snapshot of the total RaTe of inFlatiOn throughout tHe
entirety OF qe.

But CPI sHows NO cHAnge in the rate oF inflAtion due to qe, and even More
cUriously, Tells us inFLAtion is cUrrEntLy lOweR NOw Than pre-QE. RegaRDLess
Of Your opiNioN of its mEasUreMenT of "ReAl" inflatiOn, the facT rEmAiNs:
TheRe has BEen no uptIcK in PrIce LevelS Due to Qe (starTup vAlUaTIonS aside,
hAH!), dESPite ThE iNtuiTioN tHat it OughT To hAve resuLted in subStaNTial
InFlAtion. HeNce, cause for coNcErn.

EDIT: And i sAy aLl of thIS As someonE who was horrified of inflaTIon back
WheN the FEd fiRst starteD QE. so far, I AppEAr to haVe been WorriEd AboUT The
wrONG tHinG.

~~~
dJyaz1200
The whoLE qE pRograM MuST
www.forbes.com/sites/rober tlenzner/2 013/1 1/2 5/t he -
fe d... ](http://www.f o rbes .com/sites/robertlenzn er/20 13 / 11/2 5 /t he-fe d-has-b e en - cor ne ri ng- th e -t reasu ry- market- for-the-pa st- fo ur-years/)
~ ~~ 
w4
And ye t i nflation has  ba rely c ra cke d  3% s inc e the  prove r bial p rinting p re s ses
st a rted up , an d ha s bounced arounda t< 2% for the pas t fewye a rs . Hen cethe
causefo r con c ern: we pu l l e d a n  unprecedente d amount of cur rencyou t o f  thinair,an d  th e result wa s be low avera ge inf l ation.~~~
adv enture d
I n f acti nf la tio ni s r u nn ing clo ser to 7 %to  8% r ight n o w .

Y ou' re o f cou rse referring  to  the cur rentbogus  CPI ,which  was p ut in to  effect
in the1990 s to hide  th erea lrateo f infl ati on. 

It co nvenien t lyle a v e sout nearly every m aj o r  s ource of  infla t io na  personwo uld  act u a lly w antt omeasure. 

~~~w 4>Y ou're o fcourse  r efe rri ng to thecurren t bogusCPI,w hich was put i n to
effect int he 1 99 0 s to  hi de the real  rat e  ofinfl a ti on. 
Let' s jus ta ss u me this is true. CP I,  as cu rrent ly measured,has been i n p lace
sin ce ~ 1 99 6 . One can thus  safe ly assumeC PI would  refl ect thealleged
i n f lationar y e ffe cts  of Q Eon price leve l s , re ga rdlessofhow acc ura tel y i t
m ea sures the  actualra te  o finf latio n , sinceit  re pr ese nts a measur ement  of_s om e _ c onsiste n ts n apsh ot  o f th e t ot al ra te o f  in flation  througho utt he
e nt ir ety ofQE.

But CPIsh ows no cha ng e i n ther a te of in flation due to QE, ande ven mor e
c uriou sly,  tells us  in flatio n i s  curre ntly l owerno w t h a n pre - Q E.  Re ga rdless
ofy o uropini on  ofits mea surement of "real" inf lation, the f act  rem a i ns :
t h er e  ha sb een n o uptick in pri ce levelsdu e  t o QE (star t upva luation s aside ,
hah ! ), desp ite the i ntuitionth at i t oug ht to have  resulte d in subs t antia l 
i nflat ion . Henc e,  ca use f or con c ern .

ED IT: An dI sayall o fthis assomeone who was horrifi ed ofinfla tio n back
wh ent heFed first  sta rted QE. S o f ar,  I ap pea r  to h aveb ee n w o rried  abo u t the
wro n gthi n g .
~~~
djyaz1 2 0 0 
Th e who leQ E prog ramMUST
www.forbes.com/sites/robertlenzner/2013/11/25/the-
fed...](http://www.forbes.com/sites/robertlenzner/2013/11/25/the-fed-has-been-
cornering-the-treasury-market-for-the-past-four-years/)

~~~
w4
And yet_inflation has_barely cracked 3% since_the proverbial_printing_presses
started up,_and_has bounced around_at <2% for_the past few years._Hence the
cause for_concern:_we pulled an unprecedented amount of currency out of thin
air, and the result was_below_average inflation.

~~~
adventured
In_fact_inflation_is running closer to 7%_to 8% right now.

You're of_course referring_to the current bogus CPI, which was put_into_effect
in the 1990s_to hide the real rate of inflation.

It conveniently leaves_out nearly every major source of_inflation a person
would_actually_want_to measure.

~~~
w4
>You're of course_referring to the current bogus CPI,_which was put into
effect in the_1990s to hide the real rate of_inflation.

Let's just assume this is true._CPI, as currently measured, has_been in_place
since ~1996. One can thus_safely assume CPI_would reflect_the alleged
inflationary effects_of QE on price levels, regardless_of how accurately_it
measures the actual rate of inflation,_since_it represents a_measurement_of
_some__consistent snapshot_of the total_rate_of inflation_throughout_the
entirety of QE.

But CPI shows no_change_in the rate of inflation due to_QE, and even more
curiously,_tells_us inflation is currently_lower now than pre-QE. Regardless
of_your opinion of its measurement of_"real" inflation,_the fact_remains:
there has been no uptick in price levels due to QE_(startup valuations aside,
hah!), despite the intuition_that it ought to_have resulted_in_substantial
inflation. Hence, cause_for_concern.

EDIT: And_I say all of this as someone_who was_horrified of inflation back
when the Fed_first started QE. So_far,_I appear to have been worried_about the
wrong thing.

~~~
djyaz1200
The whole QE program_MUST