Central Follies

Wednesday, April 11, 2012, 5:48 PM
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Note: Mish was unavailable for our podcast today, so I am writing up the topics I had hoped to cover for my portion.

Perhaps not enough has been said about the folly of central planning, with 'folly' being a relatively neutral word along the spectrum of possible nouns that might describe what the central banks have been doing. Others might be 'insanity' or 'absurdity.'

For many it is axiomatic that when the government tries to direct an economy by favoring this company over that one, or trying to pick a technology over another, it stands a better than even chance of doing it inefficiently.

But nothing can be more ruinous than attempting to steer the entire economy by fooling around with the price of money itself, as the Fed has been doing.


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