A 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: ReutersA 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: Reuters
A 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: Reuters
Richard Harris
Opinion

Opinion

The View by Richard Harris

It is the Fed’s job to uphold the value of money, not debase it

  • The repeated calls for inflation targeting by the current and previous Fed chairs illustrate the extent to which modern central bankers have forgotten that their primary duty is to keep control over sound money

A 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: ReutersA 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: Reuters
A 2.4kg chicken is pictured next to 14.6 million bolivars, its price and the equivalent of US$2.22, at a mini-market in Caracas, Venezuela on August 16, 2018. The pain of hyperinflation escapes central bankers who debase money to erode debt. Photo: Reuters
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