“We have moved to the PhD standard from the gold standard.”
A very short but very wise assessment from James Grant.
Mr. Grant makes a point that explains more than just the Fed and an obvious failure in monetary policy. Our government has become a place where we have relied more on academic credentialism and delusional intellectual certainty than tried and true principles. When leaders propose a return to proven principles they are decried as simplistic and anti intellectual. We need to overthrow the rule of intellectual idiots.