The Fed’s entire policy program suffers from the same defect that all market interventions suffer from. The moment you stop intervening, the underlying problems come to the surface again. Administrative price setting does not change economic reality, at least not for the better.
Detlev Schlichter
Detlev Schlichter is an independent economic consultant who formerly worked at Merrill-Lynch and is now the author of Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown. See his website: PaperMoneyCollapse.com.
