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Is This the Best the Fed Can Do in Its Defense?

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I love this line.

"Then things become interesting because for a minute Hobby reveals the Fed is simply a confidence game:

Because the dollar is a fiat currency, confidence is the only backstop, and aggressive monetary policy provided that confidence at a decisive moment."

Is This the Best the Fed Can Do in Its Defense?

by Robert Wenzel

Joη's picture

I like

Paul Hobby:

Part of the problem in this public debate is that few of us have much personal experience with, or perspective on, monetary policy. It is simply not a visible part of most people's daily lives...

And Wenzel's retort:

A hint to Hobby, they don't riot in Third World countries over central bank created inflation because they don't have personal experience with inflation. It's very personal.

"You underestimate the character of man." | "So be off now, and set about it." | Up for a game?