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So long, Yellen

Summary:
Uh-oh. Chairman Yellen assured us today that she does not believe that there will be another financial crisis “in our lifetimes.” You may recall another perfectly timed assurance by a high-powered economist: The stability of the economy is greater than it has ever been in our history.  We really are in remarkable shape. . . .The United States is at the peak of its performance in its history.  There has never been a time in the United States when we have had the state of prosperity, its level and its spread, that we have had in the last ten or fifteen years. . . .  It’s unprecedented.  I certainly do [give credit to Alan Greenspan for that].  I think monetary policy is primarily responsible for it.  (Milton Friedman, Charlie Rose Interview, December 26 2005)

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Uh-oh. Chairman Yellen assured us today that she does not believe that there will be another financial crisis “in our lifetimes.”

You may recall another perfectly timed assurance by a high-powered economist:

The stability of the economy is greater than it has ever been in our history.  We really are in remarkable shape. . . .The United States is at the peak of its performance in its history.  There has never been a time in the United States when we have had the state of prosperity, its level and its spread, that we have had in the last ten or fifteen years. . . .  It’s unprecedented.  I certainly do [give credit to Alan Greenspan for that].  I think monetary policy is primarily responsible for it.  (Milton Friedman, Charlie Rose Interview, December 26 2005)

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Joseph T. Salerno
Joseph T. Salerno is an Austrian School economist in the United States. He is a professor at Pace University, an editor of the Quarterly Journal of Austrian Economics, and Academic Vice President of the Mises Institute. Salerno specializes in monetary theory and policy, comparative economics, and the history of economic thought. Dr. Salerno received his Ph.D. in economics from Rutgers University. His most recent publication is Money: Sound and Unsound.

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