And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.
“Sadly, we do a much better job of making people feel guilty than we do of delivering them from the guilt we create. We need to confess this and change our ways.”
“Moreover, all our knowledge of organic remains teaches us, that species have a definite existence, and a centralization in geological time as well as in geographical space, and that no species is repeated in time.”