…Europe in particular is struggling with dangerously low inflation. Has the BIS changed its prescriptions? No, it’s just changed the reason for demanding the same thing.
What all this suggests is that the BIS basically just wants to raise rates, and is always looking for a reason. It’s about sadomonetarism, not stability.
…together they have become the leaders of a small band of reform conservatives, sometimes called reformicons, who believe the health of the G.O.P. hinges on jettisoning its age-old doctrine — orgiastic tax-cutting, the slashing of government programs, the championing of Wall Street — and using an altogether different vocabulary, backed by specific proposals, that will reconnect the party to middle-class and low-income voters.
Reformicon sounds like the name of the most boring Transformer.