"The simplest way to explain the behaviour of any bureaucratic organisation is to assume that it is controlled by a cabal of its enemies."
~ historian Robert Conquest's 'Third Law of Politics'
"The simplest way to explain the behaviour of any bureaucratic organisation is to assume that it is controlled by a cabal of its enemies."
~ historian Robert Conquest's 'Third Law of Politics'
2 comments:
I'm probably cheating a little here with a comment that is only vaguely connected with the post but....
I just read a review of a new book, The Lords of Easy Money: How the Federal Reserve Broke the American Economy by one Christopher Leonard.
The review at RealClearMarkets is brutal, but I thought you might like to do a pst on it. Over at No Minister I will when I get a chance, but this is right up your alley.
Hmmm, on its face I wouldn't dismiss a book with the subheading 'How the Federal Reserve Enriched Wall Street & Broke the U.S. Economy.' Especially when its author goes on to say "“The Fed’s policies over the last decades have stoked the world of Wall Street... It has pumped trillions of dollars into the banking system and thereby inflated these markets for stocks, for bonds. And that drives income inequality.”
It looks like the RCM reviewer simply takes issue with the power of the Fed to control interest rates, which is something of a moot point, given that they have been now for many years...
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