29Jul/090
Government bank versus government bakery
Over at Cafe Hayek, Don Boudreaux once again hits the nail on the head when he points out the foolishness of government control of money through a central bank.
Here's a snip:
Government bureaucrats with monopoly control over the supply of money can no more be expected to adjust that supply to optimally meet consumers' nuanced and changing demands for money than could, say, government bureaucrats with monopoly control over the supply of bread be expected to adjust that supply to optimally meet consumers' nuanced and changing demands for bread.
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