experiments....................

 

Central bankers, who resort to printing money, manipulating interest rates and fueling asset price bubbles, exude a similar air of infallibility.  The fail to heed Cantillon's warning that it's all very well to embark on a grand monetary experiment, but there is no painless exit.  "What central bankers are doing now is exactly what Law recommended," Law's biographer Antoin Murphy wrote in the wake of the global financial crisis.  "From this perspective, it may be argued that, notwithstanding the failure of the Mississippi System, Law's banking successors have been Ben Bernanke, Janet Yellen and Mario Draghi."

-Edward Chancellor, The Price of Time: The Real Story of Interest