This from the Fed’s longest serving policy maker, who remains hopelessly out of paradigm.

(The ‘encourage individuals to save’ bit is particularly telling.)

Hoenig Urges Fed to Raise Interest Rates

May 28 (CNBC) —Federal Reserve Bank of Kansas City President Thomas Hoenig, the central bank’s longest-serving policy maker, said the U.S. needs to raise interest rates to encourage individuals to save and avoid future asset bubbles.