Writer James Grant, publisher of Grant's Interest Rate Observer, debates Professor Jeremey Seigel, author of several books on stock market investing, on NPR's On Point program. Streaming audio is available, but as of yet I have been unable to find a podcast. Grant, known for his Austrian views on central banking and the business cycle, makes the point that central bankers are price controllers, and like other price controls, there is no way for someone outside the market to know what the price of credit should be; also that historically, paper money systems have been highly inflationary, resulting in the value of the currency going to zero. Seigel's view is that the market is inherently unstable at a macro level, and that we need central banks to keep the economy on track.
Grant Debates Seigel on Central Banking
