Despite assurances from politicians and the media, the Federal Reserve System is not a collection of geniuses who stand guard against inflation and recession. Instead, think of the Fed policy makers as the Keystone Cops of central banking.
After all the romanticizing about democracy and voting, in the end, we are still left with the sad fact that the worst always find their way to the top.
Society has never moved beyond inflationism as a monetary policy. Perhaps that’s why every new generation of economic wizards conjure up inventive names to describe their Magical Monetary Techniques.
