Writes Gary North:
William Dudley, president of the New York Federal Reserve Bank, is another senior decision-maker who thinks that Bastiat’s broken window fallacy is wrong. Broken windows promote economic growth, he says. Dudley means literal broken windows. This is not one lone vandal in the night. This is broken windows on a wholesale basis.
He received his Ph.D. in economics from the University of California, Berkeley.
Wikipedia reports: “Dudley worked at Goldman Sachs from 1986 to 2007, holding the position of chief economist for ten years before he was hired by then-president of the New York Federal Reserve Timothy Geithner to oversee the department in charge of buying and selling government securities.”
This is high-level analysis. Pay attention.