Greenspan was a primary author of several redefinitions of the Consumer Price Index and other inflation-rate indices. Interestingly, his revisions to CPI reflect more of the inflation rate that is applicable to upper-income folks. And this is the rate that he claims to have controlled by his policies.

For inflation as it affects the vast majority of us, I return to John Williams' site, www.shadowgovernmentstatistics.com . The idea that the rate of inflation for most U.S. citizens is 2 to 3 times as high as the official CPI fits in with Jerome's theme, too, in that the super-rich have transferred more debits (increased prices) to the 'middle class', which in true accounting fashion reappear as credits on the corporations' profit lines.

paul spencer