Thursday, August 4, 2011 Note: Click here to go the the letter to Barack Obama
Reference: http://online.wsj.com/Central Banks Run Short of Policy Options
Written to Richard Barley, journalist for the Wall Street Journal:
Thank you, Richard, for the article and references within the column, Heard on the Street, particularly your article, Central Banks Run Short of Policy Options.
We are all sleeping a little less. You summed it up so correctly, "This is the stuff of financial nightmares." No new ideas among all those financial folks? No new ideas from those high-level attendees of Fathom Consulting's Monetary Policy Forum? No new ideas from all those endless meetings at the World Bank, IMF, OECD, BIS, and the G8 (now into their 37th summit)?
One might conclude, "All the wonks and all their leaders cannot put Humpty together again."
Big picture people. Call them top downers. All of them. Like Barack Obama. Theorists. Very few among them have started a business from scratch. Very, very few have invented a new product, and fewer still have invented a new technology from a germ of insight.
When will they ever learn... nothing truly fundamental happens at the top. It is too ethereal. Change happens deeply, within one individual at a time.
To change course, people like Ben Bernanke, Mervyn King, and Jean Claude Trichet must encourage individual initiatives that specifically address specific problems. The chess pieces of economists are not on a gritty enough board.
With your analytic and journalistic abilities, and if you are so inclined, you could readily educate those masses at the top with this simple idea: "Call on the teaming masses at the bottom to get more creative." Ostensibly, in my vernacular, the chosen ones, our best economists, might say something like this: "...get off your butts, start thinking, stop watching so much television and playing mindless games, and begin to solve real problems. Think. Be insightful. Create something of real value. Start a family business. Coalesce your forces and stop whining. Get on with your life in a meaningful way. Try not to depend on government for anything."
You get the idea.
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