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“It is a characteristic of wisdom not to do desperate things.” Henry David Thoreau, Walden (1854) Long ago, in a universe of sane fiscal policy far, far away, there existed an institution, then new to the world of international banking and finance, called the Federal Reserve Bank, whose primary concern of the day the day being its official charter on Dec. 23, 1913 was to have very large reserves of cash backed by even larger reserves of gold that were enough “to earn the public trust.” It was an unusual kind of organization, where simple policy directives such as “safety and sound judgement,” “lawful money,” and “normal monetary order” possessed none of the sophisticated reasoning of “zero-interest-rate policy,” “helicopter money,” “Target Asset Relief Program,” and “quantitative easing” that characterized the Bank’s latter-day ne’er-do-well progeny. Few American bankers at the time really even wanted a “Fed,” fearing that the public an

United statesWhite houseDistrict of columbiaSven heinreichHenry david thoreauAlan greenspanRon paulRichard nixonDavid stockmanStephanie keltonWalter zimmermanJames grantBernie sandersFederal reserve bankEuropean central bankGoldman sachs