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News Link • Economy - Economics USA

How Central Banks Are Waging War on Your Savings

• http://chrisinmaryville.net/
Martin Wolf is the chief economics commentator at the influential Financial Times. He has received numerous honorary awards, positions, and degrees. My first knowledge of him came from a friend who had attended a lecture where Mr. Wolf mentioned that the best research on real estate economics was being done in Auburn, Alabama. I was quite shocked that Mr. Wolf was following our work here at the Mises Institute. However, Mr. Wolf has only deteriorated in my estimation over time. He has reached an all time low with his recent editorial (“Wipe out Rentiers with Cheap Money,” 5/6/14), where he argues that the cheap money policy used by central banks was here to stay, so get used to it. What makes his conclusion so tainted is that he understands the consequences of this policy. He even invokes the famous remark of Keynes regarding the “euthanasia of the rentier” where he supported the ruination of people who earn interest on their savings.

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