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Belief in the quantity theory of money is prima facie evidence of incompetence in a central banker

That presupposes that economic theories are chosen and defended on the basis of their explanatory, analytic and predictive power. But they are instead chosen and defended on the basis of their usefulness to the economic elite in their efforts to part all but themselves from their money. The problem is that they have succeeded too well and cannot figure what to do now.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Apr 8th, 2011 at 12:54:28 AM EST
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