Mervyn King, former Governor of the Bank of England:
“I think the problem does not
stem from central banks. It stems from the economic profession, the academic profession, which has generated a large number of very brilliant young economists, but they've all been trained to believe the same thing and they've all gone to work in central banks. So what is it that they believe that's a mistake? The big mistake is to think that money has absolutely nothing to do with inflation. This is a very odd viewpoint because inflation is a fall in the value of money. So you would think that the amount of money that central banks print would have something to do with inflation. And indeed, history tells us that if you print enough money, you will get inflation. So why did, why does the academic profession go down this road?”
CitadelSeed / Permissionless
npub1e3…rpmym
2023-08-23 08:20:48
Author Public Key
npub1e38zgzxxd3t0g56gszshsvjs6xkhh0s4qfprmpmwkspelhtdak2s8rpmymPublished at
2023-08-23 08:20:48Event JSON
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"content": "Mervyn King, former Governor of the Bank of England:\n\n“I think the problem does not\u2028stem from central banks. It stems from the economic profession, the academic profession, which has generated a large number of very brilliant young economists, but they've all been trained to believe the same thing and they've all gone to work in central banks. So what is it that they believe that's a mistake? The big mistake is to think that money has absolutely nothing to do with inflation. This is a very odd viewpoint because inflation is a fall in the value of money. So you would think that the amount of money that central banks print would have something to do with inflation. And indeed, history tells us that if you print enough money, you will get inflation. So why did, why does the academic profession go down this road?”",
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