Wednesday, March 30, 2011

The Maestro Speaks!

Alan Greenspan:
 "Today’s competitive markets, whether we seek to recognise it or not, are driven by an international version of Adam Smith’s 'invisible hand' that is unredeemably opaque. With notably rare exceptions (2008, for example), the global 'invisible hand' has created relatively stable exchange rates, interest rates, prices, and wage rates."
unredeemably opaque?  notably rare exceptions?

Monday, March 21, 2011

What Atrios Said

Atrios, recovering economist, says, ". . . the ignorant bullies took over the profession . . ."