Doug Noland - Money and Spheres

``I have argued that it is a perilous myth that central bankers these days control a general price level. They instead incentivize massive financial flows into securities markets and fashionable sectors. Over time, ramifications and consequences reach the profound. For one, excess liquidity promotes over/mal-investment. It's only the scope, nature and aftermath that remain in question... "money" printing will never resolve the issue of structural maladjustment. Monetary inflation will, however, ensure only greater quantities of "money" will be required come the inevitable bust. And those quantities will eventually bring to question the confidence in "money." Read monetary history. ''