Quote of the day

This from Megan McArdle:

While I was at Chicago last weekend I sat down with Raghu Rajan, formerly Chief Economist of the IMF.  And one of the things he pointed out is that the Great Moderation bred this assumption that policy can always do something.  That may not be the case.

Megan, you should choose your sources better.

He says we´re “doomed”. Luckily there are the M&M´s who think very differently!

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