Here's another cracker from the weird and wonderful world of regulation and central banking.
US investment blog Zero Hedge recently reported on an encounter between legendary hedge fund manager Steve Einhorn and a certain Ben Bernanke. Apparently, the former Federal Reserve boss observed “if you raise interest rates for savers, somebody has to pay that interest. So you do not create any value in the economy, because for every saver there has to be a borrower.” This interesting train of regulatory thought fits in nicely with my column last week, which suggested regulators also feel the need to second- or third-guess private businesses, this time financial services firms. Th...
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