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This is a tumbling log of things and thoughts that pass my way.
If you got here by accident, you may want to visit my website instead.
"One of the truly odd things about the US (and indeed the world) financial system is the degree to which we seem willing to leave the state of the economy in the hands of a bunch of unelected technocrats (i.e., the other decisions that way: even scientifically oriented organizations like EPA, FDA, or DOE are often non-scientists, and even when they are scientists, they’re subject to political control, unlike the Fed Governors, who are appointed for 14 year terms and in practice don’t get fired (though they can be removed for cause.) Can you imagine appointing 7 scientists to serve as the “carbon emissions board” with power to decide on the price of carbon emissions (which seems fairly analogous to the Fed’s power over interest rates)?"
Why this technocracy? An excellent question. When we finally get our change, I wonder if we’ll become more technocratic or less so.
