Newberry wrote something about meso-inflation a few months ago which I did not understand at all. Maybe I will go back and try to find it. But what struck me when I read his comment a few days ago is that it applies to the imbalance of incentives in favor of speculation and arbitrage, and against real investment.

Also, in the U.S., the tax system is imbalanced against wages and earnings, in favor of unearned income, such as capital gains. Newberrry wrote in the comment that meso-inflation can be used to hold down inflation, and I think this U.S. tax imbalance is an example - it holds down the wage side of classic cost-push inflation.

What also struck me is that Newberry wrote:

The root of meso-inflation is an imbalance of incentives. At a certain point this imbalance becomes so pervasive that it makes monetary policy useless.

Now read what Barry Ritholtz's Why the Fed Is Compelled to Lie to Congress.
http://seekingalpha.com/article/66530-why-the-fed-is-compelled-to-lie-to-congress
Here's what Bernanke would have to tell Congress if he were completely honest:

What is particularly worrisome to me is that as we have slashed interest rates 225 basis points, consumer loans -- mortgages and revolving credit -- have actually moved higher.