Clueless

The Federal Open Market Committee has released transcripts of its meetings during 2007, when the economy was sliding into the crisis from which we have not yet recovered.

The Bloomberg News write up is here, with my favorite quote, from Fed Chairman Ben Bernanke in August 2007, "The odds are that the market will stabilize."

Not to turn all retro and Ron Paulish, but aren't these transcripts a strong argument for a hard currency standard, based on gold or platinum or petroleum reserves or some other valuable substance? iPhones, perhaps?

The level of cluelessness among the men and women charged with setting the value of money is just astounding. And if they don't know what they're doing, then they shouldn't be trying to do it at all and should instead adopt a different model, yes?

The full transcript archive can be found here. Fascinating reading, if your favorite genre is horror stories.