The mainstream press has called the Federal Reserve's recent decision to let inflation run higher amid the pandemic a historic change.
For David Collum, a chemistry professor at Cornell University turned investment analyst, it is actually the admission of a long-running trend: the fiat-bubble economy needs ever-lower interest rates to sustain itself.
David B. Collum is an economic commentator, chemist, Betty R. Miller Professor of Chemistry and Chemical Biology at Cornell University. He holds a PhD, Columbia University, MS, Columbia University, MA, Columbia University and BS, Cornell University.