So says Brian Domitrovic for Forbes, who thinks the Fed's bad habits are congenital.
Domitrovic calls attention to the glaring omission of monetary reform in Mitt Romney's economic proposals, about which his hundreds of recent endorsers from the economics profession have likewise said not a word:
This is a worrisome tendency in economics, on two counts. The first is that the vox populi is probably onto something. Why should the profession risk being wrong on such an important issue?
There is perhaps no institution in our government that has been so cornered by economists as the Fed. The Fed is the place most dominated by the credentialed Ph.D.’s of the profession. It would rankle economists to concede that despite this capture of the Fed by their ranks, the Fed was at fault for causing the worst economic crisis in eons. It would implicate the profession in the whole mess.
Gee, just maybe it's because the capture has gone precisely in the other direction: economics professionals profit from the status quo which puts them in the center of the system which puts them and their friends first in line for the funny money. Why do you think people so desperately worship the presidency in this society, and so desperately want to possess it?
Read the whole thing here.
