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Fed Wants Inflation Now, Will Clean Up ‘Mess’ Later

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PIMCO’s El-Erian: Fed Wants Inflation Now, Will Clean Up ‘Mess’ Later

Bond chief piles on with more central bank criticism after QE3 announcement

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September 21, 2012

PIMCO CEO Mohamed El-Erian harshly criticized the Federal Reserve and chairman Ben Bernanke on Friday, saying not only are they willing to tolerate inflation but actually are trying to create it, with a “mess” left behind for their successors to clean up.

El-Erian (left) told CNBC the reason is that “the risks outweigh the rewards as the central bank tries to stimulate an economy that still is foundering three years after the financial crisis recession ostensibly ended.”

As the network notes, El-Erian has previously called the policy a “reverse Volcker moment,” in reference to former Fed Chairman Paul Volcker, who raised rates and deliberately put the nation into recession in the early 1980s to control runaway inflation.

“Not only will they tolerate higher inflation, not only will they wish for higher inflation, but they actually may target higher inflation,” El-Erian said during a “Squawk Box” interview.

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