Federal Reserve Chairman Ben Bernanke should never have left Princeton.  He’s much better suited for a lifetime of pontification than real work.  Not that chairing the Federal Reserve is real work.  Yet, even so, at least as a professor his theories would’ve been mostly harmless.

But the world doesn’t always operate in the ideal; where politics is concerned this is rarely the case.  Idiots become president practically every election.  Congressmen take digital photos of their most private parts and blast them across the internet.  Maxine Waters casts her vote…this is nearly always problematic.  But, in the end, their actions don’t largely affect people.

The worse kind of central planners are the ones that actually believe in their powers; that, somehow, they have the ability to control the world and make it a better place.  They are the most dangerous.  And they will not stop carrying out their splendid plans until they’ve totally destroyed the world around them.

No doubt, the most ardent central planner always has the best of intentions.  In their dense skull they believe that if people would just behave how they wanted the money problem would be solved, there’d be full employment, and the coming of the new utopia. Throughout history, grand experiments in paper money have always ended in tears. Continue reading →