Criticisms of what the Federal Reserve is doing or how it is dealing with inflation -- CAN NEITHER BE RIGHT NOR WRONG! Economists worth their salt are familiar of what I am saying, and knew the truth about it like they do the back of their palm. Any limelight grabber in the field of economics eager to show what they knew about this sophisticated subject, would criticize the Fed the way it handles inflation when the state of the economy in a roller-coaster needs to be stabilized or stirred towards growth targets.

For example, in the mind of the critic, it is wrong for the Fed to adopt measures to spur a higher inflation that would erode income and create hardship to the ordinary consumer. Is kicking the butt of the Fed in this instance, correct and justifiable? Of course it is! The objection is right.

But let’s see what’s in the other side of the coin: The Fed opts for a higher inflation to arrest an economic downturn and avoid recession. Is this fiscal and monetary decision on the part of the Fed worth giving away an arm to avoid a larger economic tragedy? Don’t ask …it is! Fed is right.

In this example, notice carefully that criticizing the Fed the way it deals with inflation is neither right nor wrong. What’s the big deal in launching a critique against the Fed that proves neither right nor wrong? The answer my friend is in the headline.

If you click the headline and read this article, you will come across Allan Meltzer from Carnegie Mellon University bombarding the Fed with a mouthful of horse dung by saying that "Higher inflation is not going to solve our problem." And yet he followed it with "Any gain from that experience would be temporary." What comes from his mouth is an oxymoron – statements that negate each other. He said higher inflation is not going to solve our problem. Of course he knew it does, although he admits that it is only "temporary". He is just probably damn crazy to see his name or read his comments in the Internet for some personal reason he alone knew.

Let’s cite one more headline dream-catcher as you read the article. "The Fed is treading upon a mine-laden path that has never been tip-toed through in this country …" This is coming out from the troubled mind of Andrew Busch, "a currency strategist at BMO Capital Markets" when he lampooned the Fed for "pushing inflation higher than the target".

To begin with, Fed’s fiscal and monetary expertise is more reliable than any stage-jumper wanting to grab the headline. Committee members of the Fed whose job is to determine the quantum leap of inflationary surge required at any given time at an appropriate state of the economy in question, would negate the knee-jerk assessment of Mr. Busch as to how much inflation is needed.

Is Busch wrong? No, not at all. But he is not right either. Pushing inflation higher than the target is the Fed’s judgment call – not his. Busch has neither the capacity nor expertise to do so.

Dealing with inflation is like driving through a minefield. Please get familiar with the rudiments of economics and the role of the Fed in dealing with inflation to be able to understand what I am saying. That’s what the Fed is doing to rein in inflation -- driving through a minefield. It has to drive through when there is an economic crisis. It can’t stop. It has to pull us through. On the way through, the Fed catches a lot of flying debris thrown by headline maniacs, especially from know-nothing politicians, for political expediency, their only excuse for being if not for pocketing the taxpayers’money.