With Ben Bernanke getting 1/3 of this year’s Nobel, a few reminders: No central bank has ever managed to keep inflation low, stable and predictable, not recently, not in the late 1970s, early 1980s, not before, during and after the 2008 crises, and not in recent years. Neither do they know anything about the consequences of their own actions – as Fed chairmen and presidents of central banks have admitted repeatedly, Bernanke included.
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