Club Fed

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I’ve been thinking recently of a “free-market” economist who left university teaching to join a regional Federal Reserve Bank, at its lowest professional rank. He was soon bragging about the great lifestyle even for a tyro: high pay, fancy benefits, easy work, chauffeured limos when he traveled, suites at four-star hotels, dinners at the most expensive restaurants in town, all courtesy of the printing press. I told him that his name would be on the list, come the Revolution.

11:31 am on September 28, 2008