“The financial system, frozen solid for the past nine months, is in a spring thaw. And it’s happening even though many of the Obama administration’s major rescue programs have yet to get off the ground. The improvement reflects the combined impact of a wide range of actions, many of them taken with little public attention, according to government officials and private economists. But more important than any single program, the sources say, is a deepening confidence from financial markets that the government is prepared to take aggressive action — a confidence that Obama officials have repeatedly worked to cultivate in speeches and public appearances.” (Washington Post, Thursday)
Confidence, or the oodles of fiat money the Fed is pumping in?
FEE Timely Classic
“The Hidden Fallacies Behind Intervention” by Clarence B. Carson
