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October 28, 2008
What's he doing?
"There really is nothing more a central bank can do for domestic economic stability than make sure that inflation remains low and stable over long periods." Ben Bernanke
Central Bankers and History
The temptation to just do something about a problem is really a terrible one. Between the ignorance of the public, fear by officials of blame by the public and pillory by history, and experts desire to show their brilliance and relevance, we have a systematic bias of overreacting to bad news with terror driven action. But we know that such fear happens, so government in stable times should do more to limit our power to act impulsively in time of panic.
Posted by OneEyedMan at October 28, 2008 7:08 AM
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