Somebody: It's kind of sad, really. If Matt Taibbi is this economically illiterate, what hope can we have for even the most progressive segment of the American populace? You would think we were suffering under 70's style stagflation!
Notice how he frames the Fed as "anticapitalist". It's breathtaking how common this point of view is on the left - that what the U.S. exists under currently isn't really capitalism at all, but is some sort of weird crony capitalist/socialism for the rich system. If only we really had a free market! Hey, guess what guys? America is capitalist... much like the rest of the planet, except less regulated by government and less moderated by the influence of a threatening underclass.