Ben and Milton are together. Ben is asking Milton a question: “Shall there be action, Master, or depression?” Ben is like Obi-Wan Kenobi to Milton’s Yoda. At first, Milton doesn’t answer. Finally, Milton speaks. “Depression let it be. Deflation it must be.”
As Brazil central bank President Alexandre Tombini wraps up a two-day policy meeting in Brasilia today, there’s one thing his three-year tenure has proven is almost certain: he will not leave interest rates unchanged.
Anna Schwartz, an economist and co- author with Milton Friedman of a book on monetary policy that shaped the views of central bankers including Federal Reserve Chairman Ben S. Bernanke, has died. She was 96.
Friedrich Hayek’s book “The Road to Serfdom” has served as a beacon for American conservatives since its publication in 1944. Today’s Republicans often cite the book in their fight to limit federal power and regulation. Hayek’s views, however, were more complicated than they often assume.