Reading those you don’t agree with pays, sometimes

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Merryn Somerset Webb of the FT and Money Week and I are not natural allies. She actually called me an extremist economist rather than name me in the FT recently. But it's always worth reading those you do not agree with (please do). She said this today in the FT:

Th[ere] is something to think about as you watch the world's central bankers grandstanding at their gathering in Wyoming this weekend. They helped get us into this. They aren't having much luck getting us out. But our elected governments have still ceded such enormous power over our financial system to them that we have no choice but to listen to their every word – if we want to have a chance of figuring out how the next (inevitable) crisis will play out, that is. Of all the things that have happened since 2007 that, I think, is the one that makes the least sense of all.

Merryn and I are poles apart when it comes to politics, and I am unapologetic for that. But on this issue we agree. It's a funny old world.

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