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Central Banks: Easing Towards Maximum Perversity

Summary:
No doubt, the perverse effect of central planning on the economy is tending towards a maximum.  This tendency can be traced back well over a century, with the advent of the Fed and the federal income tax in 1913.  Our purpose today, however, is to look back a mere decade.  This offers an adequate sampling of O’Toole’s corollary of Finagle’s law in action. https://davidstockmanscontracorner.com/?p=324713&preview_id=324713&preview_nonce=768f3db900&preview=true

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No doubt, the perverse effect of central planning on the economy is tending towards a maximum.  This tendency can be traced back well over a century, with the advent of the Fed and the federal income tax in 1913.  Our purpose today, however, is to look back a mere decade.  This offers an adequate sampling of O’Toole’s corollary of Finagle’s law in action.

https://davidstockmanscontracorner.com/?p=324713&preview_id=324713&preview_nonce=768f3db900&preview=true

David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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