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I don't "trust" them, because I don't trust any small group of extremely smart people. It's easy for group think to occur, and for the group to construct brittl
by areoform 5y ago
I don't "trust" them, because I don't trust any small group of extremely smart people. It's easy for group think to occur, and for the group to construct brittle systems that go horribly wrong.
If we had more eyes + more critiques, we could debug their thinking & see where it's going.
That being said, the policy makers and the economists at the Fed are far more capable than most people think. They've gotten a lot right, and proven most naysayers wrong. But the question is, how long will that record last?
- bachmeier 5y agoI have complete confidence that the economists at the Fed are as qualified as anyone to be leading us right now. I have complete confidence that nobody has any way to know what the best policy is right now.
- dragonwriter 5y ago> If we had more eyes + more critiques, we could debug their thinking & see where it's going. The Fed is rather transparent (both with policy thinking and data), and I can't think of any area with more eyes and more critiques than US monetary policy.
- nightski 5y agoSure but they are laser focused on their mandate of low unemployment and price stability. What that means in a broader context is much more complex.
- ramesh31 5y ago>I don't "trust" them, because I don't trust any small group of extremely smart people. It's easy for group think to occur, and for the group to construct brittle systems that go horribly wrong. I should say "trust" in the sense that I trust my doctor to be infinitely more knowledgeable than myself with regards to health, to the point that I am able to confidently outsource my decision making to him. Not "trust" in the sense that you would blindly trust a family member or friend.