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In his latest investor letter, Jeremy Grantham makes my rants against the Federal Reserve look like child’s play:
If I were a benevolent dictator, I would strip the Fed of its obligation to worry about the economy and ask it to limit its meddling to attempting to manage in?ation. Better yet, I would limit its activities to making sure that the economy had a suitable amount of liquidity to function normally.
Further, I would force it to swear off manipulating asset prices through arti?cially low rates and asymmetric promises of help in tough times – the Greenspan/Bernanke put. It would be a better, simpler, and less dangerous world, although one much less...
More from Jeremy Grantham:
Jeremy Grantham: Stocks are seriously overpriced
Jeremy Grantham: Lessons every investor should know
Top manager Grantham makes huge bet on blue chip stocks
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