That markets are incredibly stupid is pretty much implied in all the Federal Reserve commentary from the various economic religions. Think about it.
Members of the Austrian School imagine that central banks have unchecked power to “flood the system” with money. Except that they don’t. And they don’t simply because markets aren’t stupid. And since they’re not stupid, actual market participants only transact in currencies that are trusted and that will command roughly equal value for what they bring to market.
Read the rest at Forbes
