A letter of mine published in the Santa Fe New Mexican:
Greg Bemis's column of Feb. 3, "It's (not) the economy, stupid, it's politics" was right on the mark. Those who think that it is possible for the government, via the Federal Reserve Board, to successfully regulate the economy are whistling in the wind. Alan Greenspan, who repudiated his professed belief in laissez-faire to further his dazzling career as chairman of the Fed, has admitted that ultimately the power rests with the markets — but that still does not prevent central banks from believing they are powerful and clever enough to control the economy. The impotence of the central planners impels them to do "something" merely out of desperation, and the "something" is to print money in order to figuratively fill a fleet of helicopters to fly over the country distributing their largesse. Gold, anyone? Sam (but I'm not "Uncle Sam")
|
