Fereydoun Fesharaki

The best economic decision I ever made in my life was to decide to leave the music business and go into economics.

...productivity growth...

and global restraint on inflation have not perceived to date the need to tighten policy in response to strong demand beyond what has occurred through falling inflation's upward pressure on the real federal funds rate.

and the modest increase in the nominal rate.

Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself especially, are in a state of shocked disbelief.

It was not working.

Precisely.

That's precisely the reason I was shocked because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.

If the state of hormones remain closed for six months, for example, or four months, it's a global disaster.

And the price of oil will be $200 a barrel and there will be global recession.

So nobody wants to think about the worst case scenario.