Our central bankers are intellectually bankrupt
The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers.
Why? Central bankers neglect the fact that interest rates are prices.
Manipulating those prices through credit expansion or contraction has
real and deleterious effects on the economy. Yet while socialism and
centralised economic planning have largely been rejected by free-market
economists, the myth persists that central banks are a necessary component of market economies.
Ron Paul, Financial Times
Printing unlimited amounts of money does not lead to unlimited prosperity.
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