Inflation (Finance Capital uber alles)

[Helmet4000@xxxxxxx]

Dear PKT,

As I have been reading Palley's (1998), Plenty of Nothing, I have been intrigued by his discussion of how the Fed defines inflation as enemy number one. He mentions how the Fed sees no reason to raise interest rates when profit incomes are growing, but when labor incomes are growing, there is every need to do so.  He discusses how inflation has been defined as more important than unemployment and whether or not this is partially attributable to associating stagnation with inflation in the 1970s.  

I think his position sounds reasonable, is this how it really is?  Or am I just unenlightened?

Thanks,
Tom

http://www.hometown.aol.com/helmet4000