Friday, August 26, 2011

Elite Fail

A big part of the problem is that the central bankers of the world and their cheering squad in the economics profession pulled off a nice trick. The took a reasonable concept of "central bank independence," which was basically about politicians not having the power to run the printing presses when they felt like it, and turned it into a concept about a lack of an appropriate degree of transparency or accountability. They rule our world, and they're ruling it badly, but what are we going to do about it?