The Fed: Bully with No Stick Feb 16, 2015
This article first appeared in the Winter 2015 edition of The Journal of Prices & Markets Central bankers believe they can push people around are like pieces on a chessboard. Armed with theories, graphs, and equations, the monetary mandarins believe the world revolves in the palm of their hands. It hasn’t worked out that way. On Milton Friedman’s 90th birthday, when he was simply Governor Ben S. Bernanke, the man who would become Fed chair and create more (supposedly) high-powered money than any head of the Fed in history famously told the audience and Friedman himself in closing, Let...
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