https://tobybaxendale.com/wp-content/uploads/2012/05/bankrupt.jpg 245 620 toby2021 http://tobybaxendale.com/wp-content/uploads/2021/03/toby-2021-logo.png toby20212012-05-09 11:31:342012-05-09 11:31:34Our Central Bankers Are intellectually Bankrupt
Our Central Bankers Are intellectually Bankrupt
The best article we’ve seen in the FT for a long time, courtesy of Ron Paul …
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.