Jim Grant's Reasoning is Hard to Dismiss

Considering the economy, the market and the Centtral Bank actions since 2008 and where the economy sits now compared to past recoveries, where the stock market sits and the unprecedented actions of Central banks worldwide, it is extremely difficult to find fault in Jim Grants recent speech at the CATO Institute. You may know Jim Grant from his "Interest Rate Observer" or particularly from Ron Paul's 2012 presidential bid in which is widely believed Ron Paul, one of the most outspoken (again , difficult to find fault with many of his observations) and most well versed POLITICIANS in Central Bank policies in Washington, was thought to have had Grant at the top of his list for a replacement for Bernanke, so Grant isn't just another talking head, he has significant credntials.

Here's a YouTube video of the speech to the CATO Institute,


And in particular, the two paragraphs that are very difficult to find fault with, summing up  Central Bank's actions through our generation...

"My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates.

We put the cart of asset prices before the horse of enterprise.

We entertained the fantasy that high asset prices made for prosperity, rather than the other way around.

We actually worked to foster inflation, which we called 'price stability' (this was on the eve of the hyperinflation of 2017).

We seem to have miscalculated."