FED’s Donald Kohn: We Know Not What We Do
September 5, 2012
Here’s yet another major central banker (he was the FED’s vice-chairman) very recently admitting that the central bankers are clueless in understanding economics and that their models and theories aren’t helping them understand diddly-squat:
“What is holding the economy back? Why is it that we’ve had such incredibly accommodative monetary policy for so long (but) we’ve had so little growth? I think it remains a puzzle.”
Michael S. Rozeff [send him mail] is a retired Professor of Finance living in East Amherst, New York. He is the author of the free e-book Essays on American Empire: Liberty vs. Domination and the free e-book The U.S. Constitution and Money: Corruption and Decline.
The Woods Are Full of Them