An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Monday, April 6, 2020
How the Fed Managed the Treasury Yield Curve in the 1940s — Kenneth D. Garbade
Alan Meltzer has observed that the Accord “ended ten years of inflexible [interest] rates” and was “a major achievement for the country.”
ReplyDeleteRather, it was a sign of the decay of rational economic policy, a return to the pre-Keynesian economics of interest rate fetishism.