"The thing you want to measure somehow disappears when you try to measure it," says Jim Grant,...

|By:, SA News Editor

"The thing you want to measure somehow disappears when you try to measure it," says Jim Grant, riffing on the Fed's latest policy. Example: While the measured rate of inflation was quiescent during the 2000s, rapidly inflating was the thing that would "guide our collective economic destinies for the next 5 years (house prices)." What happens when the Fed - its eye now on headline unemployment - "over-eggs the pudding" once again.