Speaking at a Bloomberg inflation meeting this morning, former St. Louis Fed official William Poole was quite vociferous in his concerns over current Fed policy noting that Bernanke paid too much attention to equity prices. He also noted that there is a risk of an 'astonishing rise in inflation'.

*WILLIAM POOLE SEES RISK OF `ASTONISHING' RISE IN INFLATION *POOLE SAYS BERNANKE `PAID TOO MUCH ATTENTION TO EQUITY PRICES'

But perhaps in antithesis of Trichet's 'You Can't Handle The Lies' moment this morning, this headline caught our eyes:

*POOLE: BERNANKE NEEDS TO SAY FED CAN'T HEAL ALL ECONOMY'S ILLS

This is on the heels of his comments during an August 26th interview with Tom Keene at Bloomberg where he was 'flabbergasted' at the Fed's August 9th decision to 'date' fed rates policy in such a 'calendar' manner as opposed to 'economy' centric manner.

POOLE: I would describe the [Fed] decision on August 9 as being simply unprincipled. I know of no article, paper - professional paper in the last 25 years, 35 years perhaps that would justify this approach to policy. All the academic research, including research within the Federal Reserve makes policy dependent on the state of the economy, not the state of the calendar. So I'm flabbergasted, makes no sense to me.

We leave it to our readers to contextualize the long-run chart of gold and the ever-more-vocal risk of an astonishing rise in inflation.