Markets worldwide, but particularly in the US, now exhibit a profound lack of robustness. Central banks—the Federal Reserve foremost among them—have become enablers of the political and crony classes, responding to any material drop in asset prices with swift jawboning, followed by enactment of loose monetary policy until speculators’ nerves are settled.
The problem is that easy money entails a constant behind-the-scenes destruction of what’s truly important to an economy—sound money, low time preference, personal productivity, and quality of life—while emphasizing the frivolous and absurd.
Are these the consequences of having the state and its “experts” meddling in the economy?
Perhaps making a new amendment “No government in the economy, at all, ever,” would be a viable suggestion. Then we wouldn’t have to worry about consequences of “expert” advice.