Long among the most reasoning of central bankers (perhaps because they have no direct political role to play) Malcolm Knight and William White at the BIS edge ever closer to an overtly Austrian analysis of the world. The Conclusion section of their latest annual report is well worth reading for its dismissal of the “Keynesian workhorse” of their peers and for its clear disavowal of the policy of pursuing “price stability”. More Roepke than Rothbard, perhaps, it still represents a major advance.
Read it here
