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« Knowing What And Knowing How | Main | New Freeman Celebrating Human Action's 60th Anniversary »

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Alan Meltzer, describing a meeting with the Fed where both he and Milton Friedman were present, said "that was rare, they usually couldn't stand both of us at once."

My bet is that there are similar feelings about the two big names in Free Banking theory :D

William White of the BIS pulled Greenspan aside one on one in 2003 and laid out the Austrian case against the housing bubble / artificial boom caused by rates ar below the natural rate -- at Jackson Hole.

Greenspan rejected White's economics, and the rest is history.

Why would they invite someone who could say I told you so? They would look stupid and then could not keep their jobs destroying the economy. Paul Krugman has dismissed the Austrian School as a fringe ideology and we all know what an authority the economist that called for a housing bubble in 2002 is considered! Larry Summers and Ben Bernanke could not be embarrassed once again and retain credibility.

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