Via Acting Man:
The central planners apparently will have to get it 'just right'. If we weigh their 'successes' since the Fed has been in business in its current form, then we see little reason to expect anything good to come from this. The Fed has since 1913 presided over a 96% loss in the currency's purchasing power, one of the biggest depressions in history, the biggest flare-up of inflation in a century and three of the biggest bubbles and busts in all of history. Alas, we allegedly 'need' this central economic planning agency to 'keep the business cycle in check' with a 'flexible currency'. It seems to us from the historical record that the exact opposite is true. The sooner it is realized that we do not need such an agency at all, the better it will be.