Brendan Brown is a rara avis — a practicing
financial economist and shrewd observer of financial markets, players, and
policies, whose prolific writings are informed by profound theoretical insight.
Dr. Brown writes in plain English yet can also turn a phrase with the best.
“Monetary terror” vividly and succinctly characterizes the policy of the Fed and
the ECB (European Central Bank) to deliberately create inflationary
expectations in markets for goods and services as a cure for economic
contraction; the “virus attack” of asset price inflation well describes the
unforeseeable suddenness, timing, and point of origin of asset price increases
caused by central bank manipulation of long-term interest rates and the
unpredictable and erratic path the inflation takes through the various asset
markets both domestically and abroad.
Indeed Dr. Brown’s prose is reminiscent of some of the
best writers in economics and economic journalism such as Lionel (Lord) Robbins
and Henry Hazlitt. And like these eminent predecessors, Brown is generous to a
fault in carefully evaluating the views of those he criticizes, while
rigorously arguing his own position without waffling or compromise. Best of
all, Brown is fearless in naming names and ascribing blame to those among the
political elites and the upper echelons of financial policymakers whose
decisions were responsible for the chaotic state of the contemporary global
monetary system.....To Read More....
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