It was a terrific heading in the Wall Street Journal: ‘The Humbling of the Fed’. It was such a terrific heading that I have stolen it to make some similar points about our central bank, the Reserve Bank of Australia.
But before I go through some of the fundamental mistakes made by the central banks of Australia and the US (and others), let me go through some of the wonky and hyper-partisan commentary of Nobel Prize laureate, Paul Krugman in the New York Times.
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