The Federal Reserve’s faith in monetary policy shows how startlingly little it understands about its disconnection from Main Street.

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“[ Decades ago, the phalanx of economic sophistication of the Federal Reserve misunderstood the U.S. economy and often pursued policies that did not yield the expected results.
“This is because the Fed and most leading academic economists believe that skillful manipulation of the money lever can boost employment or control inflation. But that implies a direct link between the Fed and Main Street. The truth is that any interference in monetary policy is a financial system. It is a complex group of millions of individual bankers, retirees, fund managers, private investment investors, day traders and others, each with their own incentives. She pursues her policy on the main street. "

~ From a review by Joseph S. Sternberg, " A Review of Easy Money Rulers : A Sense of Serious Ability "

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