Dr. Jamie Whyte, a member of the Advisory Board of the Cobden Centre, appeared today on the BBC show Today to discuss the wisdom of a third round of quantitative easing in the US. The audio is here (from about 20:20 to 24 minutes; some earlier context begins around 15:09).
Whyte says he opposes QE3 because monetary policy should not be made up by a committee of people; this amounts to a command economy in borrowing and interest rates, and we ought to oppose such intervention in the monetary system. As Anthony Evans summarized in an email–”the key points that came across: (i) economic situation was different in 2008 than now; (ii) role of prices as market discovery process; (iii) capital misallocations in terms of hoarding (end of a piece of string) – excellent stuff!!”
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