-SLAMS VARYING FED EXPLANATIONS FOR RATE CUTS
-SEES FED 'ATTEMPT TO OVERMANAGE ECONOMY'
-FED 'LACK OF FOCUS' RISKS FED CREDIBILITY
-WARNS OF 'STOP-GO' FED POLICIES OF '70S
-FED HAS MISTAKEN VIEW THAT INFLATION IS DEAD
-SLOWDOWN CAN'T BE CURED BY LOOSE MONEY POL