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Manna from Heaven

Hopeby MN Gordon

Economic Prism

Modern day monetary policy’s something we disparage around here at the Economic Prism. Relegating what price to set the key lending rate to a cadre of unelected technocrats is a contradiction of life in a free society. That’s how we see it, at least.

Make of it what you will. But we think willing lenders and borrowers can agree on a fair rate of interest on an individual basis much better than Janet Yellen and her fellows can dictate for all. For their part, the Fed’s made a great mess of their efforts to remake the world in their image.

When the stock market crashed on October 19, 1987, newly appointed Fed Chairman, Alan Greenspan took monetary policy in a new direction. He seized the day and planted (Read More....)

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