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Jim Grant of Grant’s Interest Rate Observer
has some more thoughts about the Federal Reserve, likening the way they see
the world to Atlas’s view, as if all the world’s economic
problems are being carried on their shoulders rather than the alternative
approach that seemed to work so well during the 1920-21 depression when the
economy healed itself rather quickly when left to its own devices.
YouTube Direkt
The Atlas Complex discussion starts at about the
5:45 mark and is followed by some observations about Fed Chief Ben
Bernanke’s double-standard on prices. In general, the Fed sees prices
as being the “critical guiding mechanism” of a market economy,
however, that applies to all prices except
for the price of money (i.e., interest rates) that only the
central bank seems to know best.
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