Saturday, December 1, 2007
Satyajit Das (SD) has a superb post titled "Regulatory Debauchery" at http://www.prudentbear.com/, 27 November. I disagree with only one thing he writes. SD seems to imply central banks are stupid by socializing risk. I say they're smart. That's their real function. Creation of central banks is a plank of the Communist Manifesto. Karl Marx knew what he was doing. Deceiving the public as to what it is doing is a large part of central banking. See my 10 August and 17 September posts.