In other words, ordinary people should not be made to suffer for the foibles of policymakers enthralled by some defunct economic theory.
Monday, September 3, 2007
Sub-Prime Economic Theory
The possibility that the European Central Bank may raise interest rates in the midst of a financial crisis recalls the great American orator William Jennings Bryan’s famous “cross of gold” speech in 1896. Referring to the international gold standard’s deflationary bias, Bryan railed: “You shall not press down upon the brow of labor a crown of thorns. You shall not crucify mankind upon a cross of gold.”
In other words, ordinary people should not be made to suffer for the foibles of policymakers enthralled by some defunct economic theory.
In other words, ordinary people should not be made to suffer for the foibles of policymakers enthralled by some defunct economic theory.
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