Central Banks, Markets and Economists: Perpetual Unreadyness

I liked this quote from a recent book:

It is a strange paradox that today’s central banks are generally staffed by economists, who by and large profess a belief in a theory which says their jobs are, at the very best, unnecessary and more likely wealthy-destroying…

If central banks are necessary because of an inherent instability financial markets, then manning these institutions with efficient market disciplines is a little like putting a conscientious objector in charge of the military; the result will be a state of perpetual unreadyness.
        — Source: The Origin of Financial Crisis. George Cooper (2008)

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