Sep 19 2007
Grant on The Meistro of Turbulence
Interest rate pro, James Grant, who is among the few who predicted accurately that the credit markets would be in for dire problems well in advance of the current mess, has a WSJ review of Greenspan’s new biography, “The Age of Turbulence“. We’ve not yet read the book ourselves, so we can’t fully comment other than to say that Grant has been reliable on interest rates and economic observations for many years now, and has shown a good deal of character in remaining steady despite his opinions causing mainstreamers to throw flack his way for being such a wet blanket on the credit bubble party.
We can, however, agree with Grant’s non book-specific implied conclusions about Greenspan and all central bankers: In the end, they are nothing more than price fixers and central planners, and given the disruptions and massive dislocations invariably caused by fixing the price and supply of credit and money, probably deserve less respect than any other bureaucrat assigned such a role.
