The Fed is part of the most important threat to its own jobless target.

Sir, Gillian Tett expresses concerns about “The ever-expanding digital threat to Fed’s jobless target” December 14.

Bar coding is part of moving forward, and so the job losses it causes is a sort of a justifiable collateral damage. But, losing jobs to a regulatory obscurantism which wants the banks to avoid taking risks, and only do business with those believed to be “The Infallible”, is going backwards, and an act of terrorism against “The Risky”, the job creating unrated and not so good rated civilian small and medium businesses and entrepreneurs.

And so much more worrying is what the Fed, in its role of bank co-regulator, is doing pushing away its own jobless target.