Imagine you stay in cheap hotels where the hot water doesn't work in the shower and you have to fiddle with the knobs to fix it. Sometimes it's too hot, sometimes it's too cold. And imagine you don't stay in the same hotel twice. That's the problem we face with monetary policy. It's crude, it's a fuzzy instrument and it's applied in a different circumstance every time.
More Quotes from Warren Bailey:
Ten or 15 years ago the IMF and the World Bank were out there making little loans here and there, but they weren't out saving the world, ... They've been unfairly criticized of doing a bad job.Warren Bailey
The good news is, this is a system where you can be caught out and be punished.
Warren Bailey
There are a lot of reasons why, looking further out, a broadened base for the U.S. dollar would be positive. It would be good for the U.S. because it will make those countries more prosperous, more responsible, more stable. At the same time it does make us more responsible for them, which is a pretty big task to take on.
Warren Bailey
It's not that the Fed is trying to break up the party, it's that they're trying to keep it under control so there's enough to go around for everyone. Inflation is a signal that we are running out of some kind of resource.
Warren Bailey
If people are depressed and scared, as they have been in Japan, there are limits to monetary policy. It comes down to people making personal decisions.
Warren Bailey
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