& BRIEFLY NOTED: For 2022-01-22 Sa: Damned if I can see why somebody who in November 2008 thought “we should have a recession. People who spend their lives pounding nails in Nevada need something else to do…” is qualified to opine on Federal Reseve personnel, or indeed on anything else. For one thing, he was then under the false illusion that housing construction was then in some sense above trend, and we needed to shift labor out of construction to rebalance the economy. The structural adjustment had already been carried out over the previous 2 1/2 years, as construction spending had stood down and domestic consumer and equipment manufacturing had stood up, and has labor had flowed out of construction and into other sectors. For another, he was then under the false illusion that structural adjustment is accomplished by pushing people out of low-social-value occupations into the zero-social-value occupation that is “being unemployed”. It is not. Structural adjustment is accomplished by pulling people into high-social-value occupations. For a third, he has never, ever taken even small steps to attempt to mark any of his beliefs to market. I have written about this before. Time to hoist it again...
And a description of the Chicago Plan of 1933.
I better see Henry Simons in that book.