Sir, Your editorial “New problems but old tools at Federal Reserve” (December 12) points out that “central bankers are betting that the financial system has been made sufficiently robust by stress tests” etc. This is a bad bet. Consider that the most important credit event for 2015 has been the collapse of oil prices.
Not only was this price collapse not predicted by central banks, but in the Fed’s stress test for 2015, the relevant “stress” was that oil prices went up! It didn’t even get the direction right, let alone the huge magnitude of this fall.
Put not your faith in the wisdom of central banks, for they are as unwise as you or I.
from AEI » Latest Content http://ift.tt/1O3yxrb
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