Posted tagged ‘Jeffrey M. Lacker’

Federal Reserve Policy Makers Have An Incestuous Intellectual Relationship With Each Other.

January 21, 2013
The Federal Reserve: The Biggest Scam In History

The Federal Reserve: The Biggest Scam In History (Photo credit: CityGypsy11)

This article, “A Bold Dissenter At The Fed, Hoping His Doubts Are Wrong”, by Binyamin Applebaum in The NY Times, is an example of , what Thomas Sowell calls, “credentialed ignorance”. He is being rather nice because I would call it an example of intellectual inbreeding. These Federal Reserve policy makers have earned their economic credentials from some of the “best” Universities, and we should stand in awe of them. Unfortunately I don’t give my respect to people with “status” that easily. I think respect is something that is earned, and just because they have a particular position or status in the political or intellectual world, doesn’t mean they should get my respect. What I have observed is that these people live in a continual feed back loop. They all think (more…)