Dan Ferris on central banking

People actually believe that a few numbskulls with advanced degrees and finance pedigrees can control and manipulate a hopelessly complex 20 trillion dollar economy from the top down with these simple levers of moving interest rates around, printing money, buying securities.  It's ridiculous.

~ Dan Ferris, "When to Buy and When to Sell," Stansberry Investor Hour, 10:30 mark, November 25, 2020

Friedrich Hayek on the task of economics

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

~ Friedrich Hayek

Adam Smith on the hubris of planning

The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be entrusted to no council and senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.

~ Adam Smith, The Wealth of Nations, 1776