In a week where Spain tried to turn itself back into an Ernest Hemingway novel and the Cub Scouts tried to turn themselves into a Virginia Wolff essay, one might be forgiven for missing the release of the FOMC minutes. Not to worry; they were very much like the previous meeting’s minutes. And very much like the minutes before that. To the surprise of no one, the members of the FOMC are universally concerned and frustrated about the lack of inflation, but are of different minds regarding a course of action to address those concerns. Also, according to the minutes, nobody got called a moron. Yet. But, how should one refer to policy-makers who are convinced that raising the cost of credit is an appropriate policy response to a disinflationary environment? Very carefully.