The great James Grant appeared on CNBC yesterday to discuss the latest Fed statement that removed any mention of prospective dates for raising interest rates.
In his own inimitable style, Mr. Grant proceeded to eviscerate the fundamental premise of central banks, namely that prosperity can be created via monetary expansion.
Among his best lines: “Radical monetary policy is pretty much here to stay” (referring to ZIRP and questions about when-- if ever-- the Fed will begin raising rates), and “You are being paid less than nothing to buy the emissions of improvident sovereigns” (referring to European government bonds).
Mr. Grant is one of our guest speakers next week in Stamford, Connecticut (along with Judge Andrew Napolitano, David Stockman, and Dr. Joe Salerno). If you’re in the NYC area, please consider attending this dynamite event. Or watch online!
