… is from page 10 of Roger Koppl’s hot-off-the-press monograph, From Crisis to Confidence: Macroeconomics after the Crash (original emphasis):
[T]he central banks inappropriately and needlessly expanded the volume of credit in the years before the boom, thus ensuring a subsequent bust [in 2008]. It was not bankers gone wild that caused the unsustainable boom; it was central bankers gone wild.
I just finished reading this truly superb work by Roger – a work that I’ll blog more on later. I’ll say here only that Roger masterfully exposes the sorry intellectual state of mainstream macroeconomics.
