The Importance of Understanding Economics

The problem is we don't have FOMC members or chairs that know enough about economics, not to need these stupid numbers. So you're flooding the economy with money and you have 0% interest rates and your balance sheet is exploded. By the time that inflation problem shows up in these numbers, it's way too late to do anything about it. If they understood the broader implications of what they were doing, they wouldn't have those jobs because they are smart.