David Stockman lets loose on the High IQ Morons gathering in Jackson Hole at the moment. In particular, their delusion that their efforts are “science” in the truest sense of the word — e.g., like physics, hard and fast laws and rules that always create repeatable and predictable results.
Quite the contrary, yet that never slows down a know-it-all with a Ph.D. or a fat government positions of power.
Jesus Huerta de Soto showed that central banking is a special case of the socialist calculation problem as it pertains to the financial sphere. The theoretical case is unassailable, as decades of intense debate have shown. The empirical confirmation is provided continually by the boom-bust chaos we are witnessing all over the world. It seems rather obvious that if central planning by central banks worked, this chaos wouldn’t exist. The fact that it does exist shows pretty clearly that “scientific monetary policy” remains nothing but a pipe dream of arrogant statist intellectuals.