{"id":2584,"date":"2014-12-07T11:50:19","date_gmt":"2014-12-07T16:50:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2584"},"modified":"2014-12-07T11:50:19","modified_gmt":"2014-12-07T16:50:19","slug":"jim-grant-sums-it-all-up-in-2-stunning-paragraphs-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2584","title":{"rendered":"Jim Grant Sums It All Up In 2 Stunning Paragraphs | Zero Hedge"},"content":{"rendered":"

Jim Grant Sums It All Up In 2 Stunning Paragraphs | Zero Hedge<\/a>.<\/p>\n

What will futurity make of the [so-called] Ph.D. standard [that runs our world]?<\/strong><\/p>\n

Likely it will be even more baffled than we are. Imagine trying to explain the present-day arrangements to your 20-something grandchild a couple of decades hence – after the crash of, say, 2016, that wiped out the youngster’s inheritance and provoked a cenral bank response so heavy-handed as to shatter the confidence even of Wall Street in the Federal reserve’s methods…<\/p>\n

I expect you’ll wind up saying something like this:<\/p>\n

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<\/div>\n
<\/div>\n

“My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates.<\/strong><\/span><\/p>\n

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We put the cart of asset prices before the horse of enterprise.<\/strong><\/span><\/p>\n

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We entertained the fantasy that high asset prices made for prosperity, rather than the other way around.<\/strong><\/span><\/p>\n

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We actually worked to foster inflation, which we called ‘price stability’ (this was on the eve of the hyperinflation of 2017).<\/strong><\/span><\/p>\n

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We seem to have miscalculated.”<\/strong><\/span><\/p>\n<\/blockquote>\n

*\u00a0 *\u00a0 *<\/p>\n

Source: Jim Grant’s November 2014 speech at the Cato Institute<\/em><\/a><\/p>\n

Full keynote address below:\u00a0(Grant begins at 10:00)<\/em><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

Jim Grant Sums It All Up In 2 Stunning Paragraphs | Zero Hedge. What will futurity make of the [so-called] Ph.D. standard [that runs our world]? Likely it will be even more baffled than we are. Imagine trying to explain the present-day arrangements to your 20-something grandchild a couple of decades hence – after the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1726,124,303,426,1447],"class_list":["post-2584","post","type-post","status-publish","format-standard","hentry","category-economics","tag-asset-prices","tag-central-banks","tag-fed","tag-inflation","tag-prosperity"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2584"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2584\/revisions"}],"predecessor-version":[{"id":2585,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2584\/revisions\/2585"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}