<blockquote>' “The establishment of definite, stable, legislative rules of the game as to money, or in other words, the creation of a national monetary system, are of paramount importance to the survival of a system based on freedom of enterprise.” Henry Simons, 1936
..
I remain deeply troubled both by Dr. Bernanke’s analytical framework and by the institutional structure of the Federal Reserve System. We are in desperate need of some fixed and definite rules of the game. The backdrop beckons for a cautious approach. Instead, the great monetary experiment runs unabated – an experiment that evolves without serious scrutiny only because our central bank is judged these days largely by its capacity to inflate equities and risk markets. “No questions asked,” as long as the markets are strong. There were no questions Wednesday regarding the relationship of Fed policy and asset Bubbles - past or present.'
- Doug Noland,
Henry Simons was Right, April 29, 2011</blockquote>