Below is the direct quote from the Monetary Policy Objective of the Federal Reserve from the Federal Reserve Act inacted by congress:
"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."
I don't see the phrase "being rackless with printing machine" mentioned anywhere here.
The statement of the Monetary Policy Objective is found on the Federal Reserve website.
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