Sunday, May 22, 2016

Putting The Cart Of Asset Prices
Before The Horse Of Enterprise
"My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates. We put the cart of asset prices before the horse of enterprise. We entertained the fantasy that high asset prices made for prosperity, rather than the other way around. We actually worked to foster inflation, which we called 'price stability'. We seem to have miscalculated."
- James Grant*
LINK HERE to the reference

1 comment:

Anonymous said...

A $1 Billion Central Bank Guide for Enriching Friends and Family

Governor funnels at least $72 million into cousin’s lender
‘This goes beyond your usual allegation of crony capitalism’

Gyorgy Matolcsy is rewriting the rules for central banking inside the European Union to include family and friends.

Since being tapped to run the National Bank of Hungary by Prime Minister Viktor Orban three years ago, the former economy czar has funneled the equivalent of almost $1 billion to six foundations he set up over the objections of his supervisory board and to the irritation of EU officials.