It is a shame that people like Malcolm Bryan,
a former president of the Atlanta Fed,
aren't still around.
As quoted from a 1957 speech
in the latest issue of Grant's Interest Rate Observer,
he described the net effect of "premeditated inflation"
(his term for a little bit of Fed-induced inflation) on
the average money-saving citizen as follows:
"Hold still, little fish. All we intend to do is gut you."