2008-11-15 — prudentbear.com
We are witnessing policymaking out of desperation. Treasury has very limited time and few alternatives, while it confronts dire problems. It has become popular to point out that the marketplace has lost confidence in Mr. Paulson and his team. I believe, however, that it is more aptly stated that the market has lost faith in the prospect of policymaking generally having much influence on developments. This is a consequence, as Ms. Shelton reminds us, of upwards of forty years of “monetary policy indulgence.†Regrettably, G20 policymakers will this weekend focus efforts on global stimulus and pay only lip service to monetary system reform.
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