Poem of the Day

Quantitative easing,
Can be very pleasing,
It gives the stock market a boost.

But in the long run,
Its effects are no fun,
And the markets again must be goosed.

It would make much more sense,
To dispense with this pretense,
Of knowing what interest rates should be.

The interest rate is a price,
To control it is a vice,
For our own good, it must be left free.

— Robert Higgs

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