"The fundamental error of Keynesian central banking is the pretension that the business cycle can be comprehended, assessed and expertly managed by what amounts to a monetary politburo of 6 government apparatchiks on the Reserve Bank's Monetary Policy Committee."

"The fundamental error of Keynesian central banking is the pretension that the business cycle can be comprehended, assessed and expertly managed by what amounts to a monetary politburo of 6 government apparatchiks on the Reserve Bank's Monetary Policy Committee. Moreover, that so doing the central bank will enable both greater financial stability in the short-run and higher and more steady longer-run economic growth and living standard gains than the market economy would generate on its own steam.

"You could call this the 'aggregate market failure' axiom. Otherwise, why would you need 6 fallible bureaucrats to set money market interest rates or fiddle with the shape of the yield curve on longer-term debt when there are vast trading markets perfectly capable of doing the job?"

~ David Stockman from his post 'How The Fed And White House Spenders Reduced Growth To Stall Speed' [translated into Enzed terms, 'cos it's just as relevant]