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Strategies & Market Trends : ahhaha's ahs
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To: Ilaine who wrote (1611)3/18/2001 2:51:53 AM
From: ahhahaRead Replies (2) of 24758
 
That's Meltzer's interpretation. It has a little truth and a little falsity in it. What it mostly shows is that he believes there's a right policy. He believes that with right combination of this and that the ideal of stable prosperity will be obtained. Yet every possible combination of factors has been repeatedly tried and all have ended up in economic disaster.

There is principle by which the FED should operate. The first tenet of that principle is to have no policy. Policy always means activity. Activity is the identification of an economic ill that must be remedied by authoritative intervention.

Meltzer is just another interventionist on the same spectrum as Galbraith. These people are behavior engineers. They use the money drug to get people to act they way they deem appropriate and the people love that drug like no other, so they become the trained slaves of the masters of society.
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