Is it possible that the ghastly unemployment, stagnant growth (and possible double-dip recession), and financial market convulsions all can traced back to one single decision? Perhaps.
Monetary policy is the most recondite yet most pervasive and powerful of economic forces. Keynes, in The Economic Consequences of the Peace, wrote, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
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