They Want Us to Love the Fed
The Fed economists and their supporters really believe — truly believe — that they are the rescuers of our economy.
The Fed economists and their supporters really believe — truly believe — that they are the rescuers of our economy.
It “was not inevitable,” writes Goldfield. Rather, it was “America’s greatest failure.”
They do not comprehend that capitalism, in engendering big-scale production for mass consumption, is essentially a system of wiping out penury as much as possible.
Keynes loved the pyramids. The attempt to rehabilitate the reputation of the pyramid project is part of a larger cultural effort to prop up the respectability of government in general and the nation-state in particular.
They did what they were supposed to do. Now, they have few job options at all.
What they don't understand: aggregation, relative prices, interest rates, capital structure, money pumping, and regime uncertainty.