Inflation is like overeating, whereas unemployment is like starvation. Obviously, the latter is worse. The best circumstance is that you have plenty of money, but put it to good use — eat well and exercise.

Unfortunately for the Fed, it controls the amount of money, but not the amount of exercise, which depends on how well trained the workforce is, what the incentives are to work, the state of the infrastructure, the state of the global economy (is there anyone to play with, or do I have to work out on my own?).

The focus on inflation is a symptom of the public’s lack of trust in government, and ultimately, their lack of trust in themselves.