Jim Grant on Federal Reserve economists

Not just any brigade of really smart people could have convinced themselves that lending and borrowing and speculating played no part in the events leading up to the 2007-09 credit crisis or that record-high money growth and uniquely easy financial conditions would give no impetus to the inflation of 2021-and-counting.  The hundreds of doctors of economics on the payroll of the Federal Reserve System did not simply choose to ignore the facts in front of their faces.  Trained to look away, they arrived at their posts pre-blinkered.  What they were taught, and what they believed, was the very opposite of what the layman knows.

~ Jim Grant, "All except for the human beings," Grant's Interest Rate Observer, December 24, 2021