And what do these experts do when their prophecies are disconfirmed? In 2010, a coalition of twenty-three prominent economists, fund managers, academics, and journalists signed a letter opposing the Federal Reserve’s practice of buying long-term debt as a way of pushing down long-term interest rates. This practice risks “currency debasement and inflation” and fails to create jobs, the experts stated, and therefore should be “reconsidered and discontinued.” Four years later, inflation was still low (indeed lower than the Federal Reserve’s goal of 2 percent), unemployment had fallen sharply, job
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