Re: nice analogy

From: Dave Long (
Date: Wed Feb 14 2001 - 19:35:05 PST

> > Step Two. Repeat after me, 100 times: Strong economies with low
> > unemployment and near-zero inflation and steadily rising productivity

What's the job of the Fed? To push bits
of the economy, or to maintain the value
of a dollar?

>From an inflation standpoint, the brits
managed to have near zero net inflation
over many centuries -- we seem to be
playing pretty loosie-goosie by those
standards, despite recent whinging over
tight money.

> Esp. the "frustrating year" part.

Isn't that what "risk" is all about?
Are we rational agents, or sheep?

Will someone please explain to me why
the fed is supposed to be any better
a "manager" of the economy than a bull
rider is a "manager" of rodeo stock?


> Grossly oversimplified: Publishers want to charge people to read material;
> librarians want to give it away.

Andrew Carnegie was a dude and a half.

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