In the National Football League, a marginal player dreads the request that he report to the coach and bring his playbook. He figures he is going to be cut from the team. The coach makes sure the playbook does not leave with the player. A coach’s playbook has a series of self-contained plays. Their importance is not based on their sequence in the book. They are implemented by the coach in specific situations. They may not work in any given game. If they don’t, the team loses the game. Alan Greenspan never had a playbook, as far as we know. … Continue reading Bernanke’s the Dollar Destroyer