The main problem with monetary policy today is that there is such a thing as monetary policy.
– This is buried deep in a not very recent (December 11th) blog posting by Detlev Schlichter (recycled at the Cobden Centre a day later). But it deserves pride of place here as our first quote of the day of 2013. It is the second sentence of the paragraph just above where it says: “If only the euro was golden!”
In far too many matters, when you look at Anything and what is going wrong with Anything, you find that the main problem with Anything policy today is that there is such a thing as Anything policy.