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Apparently Fed is under-stating inflation, to keep interest rates
artificially low at 40yr lows. Actually real interest rates have been
negative for 3yr, even at official (fudged) inflation rates. Holders of
US Treasuries are losing money on both negative real interest rates and
plummeting USD currency value.
Here are some interesting links about mis-information on inflation that
seems to go un-noticed by the mainstream media:
Laid out in simple words by Fleckenstein:
http://moneycentral.msn.com/content/P92951.asp
The original by Gross:
http://www.pimco.com/LeftNav/Late+Breaking+Commentary/IO/2004/IO_Oct_2004.htm
Gross is managing director at PIMCO, the biggest bond fund in the world,
with over $400billion assets under management (not some TV talking
head).
Regards, M
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