James Grant writes its requiem. (Hat Tip JKH).
The “money” lines:
The uncaged teller was a sign that Americans had began [sic] to conceive an elevated opinion of the human capacity to manage financial risk.
In money, too, the knee bone is connected to the thigh bone.
The Fed’s M.O. is price control. It fixes the basic money market interest rate, known as the federal funds rate. To arrive at the proper rate, the monetary mandarins conduct their research, prepare their forecast—and take a wild guess, just like the rest of us.