"There are many superb PhD theorists among the 19 members of the FOMC," says the Dallas Fed's...

|By:, SA News Editor

"There are many superb PhD theorists among the 19 members of the FOMC," says the Dallas Fed's Richard Fisher, an opponent of last week's QE∞ policy. "There are only a handful of us (4) who have worked as bankers or in the financial markets." As Jim Grant is fond of saying, the U.S. has swapped central banking for central planning, and the gold standard for the PhD standard.