Have you ever wondered why the Federal Reserve board does such a miserable job of guiding the economy? Governments do not make economic decisions. Governments make political decisions which guarantee an inefficient allocation of resources. Simply putting an economist in charge as Federal Reserve Chairman does not change the fact that his decisions are political.
The reason free market economies generate such high standards of living is the absence political decisions being used to allocate resources. From the get go any policy the Federal Reserve comes up with is doomed to make economic matters worse.

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