Are not high inflation and depreciation, both of currency and of government debt, implicit defaults?
Alex J. Pollock
Although they are monetary and economic experts, do central banks have the requisite knowledge to succeed?
Both banks and governments often make big mistakes at forecasting the economic and financial future.
There are no financial philosopher-kings and there can never be any, in central banks or anywhere else.
Alex Pollock discusses the philosophy of finance and why the quant guys keep getting it wrong.
Alex J. Pollock is the author of Finance and Philosophy: Why We're Always Surprised. His five decades of financial experience include being president and CEO of the Federal Home Loan Bank of Chicago, a distinguished senior fellow of the R Street Institute, and the Principal Deputy Director of the U.S. Treasury’s Office of Financial Research.