James Grant on the erroneous PHD standard in central banking

I agree with Grant’s take that Central Banking has now gone completely rogue as PHD’s believe their theories can perpetually outsmart and thwart free market forces. Such hubris is destined to end the hard way. I see no practical way to return to a gold standard, but some objective monetary anchor does seem necessary to reign in run away policy.

James Grant, founder & editor of Grant’s Interest Rate Observer, predicts that the result of recent Federal Reserve action will prompt a return to the gold standard for the United States.Here is a direct link.

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