Does Mr. Mitchell really think anyone is listening to him at this point?
Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s “invisible hand” that is unredeemably opaque. With notably rare exceptions (2008, for example), the global “invisible hand” has created relatively stable exchange rates, interest rates, prices, and wage rates.
It wasn’t so long ago that Greenspan admitted he was wrong about the awesomeness of deregulation. What has changed in the meantime?
Put your hand in the hand of the man who caused the financial crisisPost + Comments (91)