Someone over at CNBC must have been taking a nap!
Inflation Actually Near 10% Using Older Measure
Published: Tuesday, 12 Apr 2011 | 5:18 PM ET
By: John Melloy
Executive Producer, Fast Money
After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those levels.
You can read the entire story here: (that is assuming they don’t yank it first!)
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