Janet Yellen, vice chairwoman of the Federal Reserve, told the Wall Street Journal that without massive printing of money “I’m having a hard time seeing where really robust growth can come from.”
Let’s see, just thinking out loud here: enterprise, entrepreneurship, the expansion of the division of labor, savings, investment, capital accumulation, trade, that sort of thing. There are some books variously published for the last 500 years that cover these sorts of issues.
A proposed rule: no one who does not understand how economies grow without money printing should be given any power over economic life.
