What is worse: high inflation long-term or moderate unemployment short-term?

Ron Paul says a year of pain if we don't do the bailouts, a decade of pain if we do.

Considering he is the only one of the 'experts' talking on this subject who warned us the problem was coming to begin with, he is the one I tend to trust.

They have no idea and this has been going on sorta since greenspan, his had sense and got out. The political appointees and the crooks need tobe held accountable, but will not and you are right and so is DAR and Dr. Paul. Suck it up, throw the white collar crime people in jail and take their millions. I think it is discriminating not to give them the same sentences as your regular crook. Don't you. Didn't we pay China for some other goof up, so they would keep floating our money. Is it Zambia where the guy in charge took all the land from the farmers and gave it to his friends and now a $300 billion bill may buy a hamburger, if they have them over there. Not kidding inflation is so bad they change the rates by the billion each day.

Just think if it gets that bad here we could all be milionares. Ha.

Moderate unemployment in the short term is preferable to high inflation in the long term because if we choose (b) we will end up with both anyway - - - the policy of low rates and bail outs just defers the hangover by giving the economy another bourbon.

I'm open to suggestions as to how to reform the Fed rather than take up neo-liberal's suggestion, but I can't think of how to reform it so as to systemically remove the inflationary impulse, so I suspect that neo-lib is, and the Austrian economists (Mises, Rothbard, Hayek) were, correct.

Ironically, Alan Greenspan, chief bubble-maker extraordinaire, hung out with the Austrian crowd in what we'd been told were his formative years.

Why he didn't remain true to their ideas beginning in the late 1990s, why he took the pretext of Japanese deflation as a reason or excuse to inflate money and credit when real prices would have fallen as a result of the transition to free trade, I have no idea.

You are exactly right about commodities - look at oil:

http://biz.yahoo.com/ap/080922/oil_prices.html

Well it will matter that both parties go into the relationship with the intent on the probability of it going to be long term or short. So this way both parties will put in 150 percent toward the relationship.

Let's get rid of the Federal Reserve and FIAT currency. We don't have to deal with either.