I thought this was an excellent explanation, but I really don't appreciate the impeachment of the Fed. The author starts with a very nice explanation, but then goes to an extreme simplification of the complex process of balancing inflationary pressure with the rest of the economy. It's certainly fair to criticize the Fed, but to present their objectives as one-sided where inflation is always good is as equally foolish as the people calling for the gold standard again.

Frankly the Fed is probably only doing their job if everyone is angry at them. Which seems to be the case, so I tend to think they're probably making a decent trade-off at this point, as hard as it is for both sides to stomach.