Saturday 11 August 2007

The Fed: nothing to do with "markets"

I always enjoy reading Martin's stuff, even though I don't agree with everything he has to say. But I had a good laugh this morning when I read this piece:'s nonetheless quite funny to see the Federal Reserve abandoning its faith in markets in order to prime the pump like good old-fashioned Keynesians.

There's nothing quite like having faith in your principles - eh, lads?

The Fed! Faith in markets! The Fed was explicitly founded as a way for uncompetitive businessmen to get round markets. And that's what is continues to do today.

1 comment:

David Farrer said...

Comments made on previous template:

The Fed brought us the Great Depression, with help from Congress, Hoover and FDR. Pewrhaps this time it'll bring us Weimar.

12 August 2007, 15:06:59 GMT+01:00
– Like – Reply

James Higham
The real purpose of the Fed is dealt with here: 
... and continues on here: 
The Fed or at least the New York Morgan branch, is an abomination and has been since its inception.

12 August 2007, 08:07:06 GMT+01:00