"There it is in blue and white. Look at this: Artificially low interest rates haven't caused prosperity. They have caused the opposite. Even the graph itself looks eerily like a heart rate monitor.
Rather than admit error, Bernanke is like an arrogant old-world physician who is sure that bleeding is the only way forward. If it doesn't seem to work, it can only be because it wasn't done enough. Indeed, bloodletting itself was a common practice from the ancient world until the late 19th century — historical proof that a bad practice can continue for ages despite any evidence of its success. For centuries!
Loose monetary policy is the bloodletting of the 21st century, a policy that persists simply because so many people are intellectually invested in it and are unwilling to face the evidence of the failure of their own theor"
'via Blog this'
No comments:
Post a Comment