Jim Grant Vs Brad DeLong with the WSJ
Jim Grant and Brad DeLong recently interviewed with the WSJ. They talk about monetary matters, speculation & market trends.
- QE is manipulation of the price level and inevitably has intended and unintended consequences.
- Ben Bernanke takes worrying pride in manipulating the dollar to achieve higher stock prices. Are fake prices good?
- The Fed has an implicit 3rd objective – to engineer higher stock prices.
- People worry about the banks’ capital. The problem is that they lack capitalism
Recommended: Charting the Federal Reserve's Assets - 1915 to 2012