http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100007777/shut-down-the-fed-part-ii/ An excerpt from Ambrose Evans-Pritchard: I apologise to readers around the world for having defended the emergency stimulus policies of the US Federal Reserve, and for arguing like an imbecile naif that the Fed would not succumb to drug addiction, political abuse, and mad intoxicated debauchery, once it began taking its first shots of quantitative easing. My pathetic assumption was that Ben Bernanke would deploy further QE only to stave off DEFLATION, not to create INFLATION. If the Federal Open Market Committee cannot see the difference, God help America.
That guy would've had a field day with the imbeciles back in the 1930's, according to the book "Lords of Finance: The Bankers Who Broke the World " There was one central banker who believed he could walk through walls! I think it was Taleb who said that if you count up the number of Phd's among the people at the central banks, the one with the most will be the most incompetent.