Today on CNBC Rick Santelli brought up an issue that NOTES FROM UNDERGROUND has been discussing since Fed Chair Yellen spoke at a Chicago Fed Conference when she placed the names of three long-term unemployed people (as if the Chairwoman’s speech was a State of The Union Address). It is wrong for a Fed Chair to bring moral philosophy to the conduct of MONETARY POLICY IN A FIAT CURRENCY WORLD. The Fed’s role is to preserve the DOLLAR as a store of value even with the DUAL MANDATE. The United States bears an exorbitant privilege with the dollar as the world’s reserve currency, with all commodities priced in dollars. The exorbitant privilege comes with an exorbitant responsibility and that is the maintenance of the DOLLAR AS A RELIABLE STORE OF VALUE.