I Too Loathe Centrist Technocrats
Interfluidity writes:
There is something poignant, but also a little blind, in the fact that DeLong’s agitation was aroused by Robert Rubin, who, when elevated to speak ex cathedra from the pages of the Financial Times, had nothing worthwhile to say. To DeLong, Robert Rubin remains a pontiff of the “bipartisan technocrats”. To the rest of us, Rubin has become an icon of self-delusion, corruption, and arrogance…
The moral foundation of the old technocracy — that monetary and financial dynamics would be managed, but in a manner both stable and fair — has been discredited. Gold may have its flaws as a putative currency. But at least it doesn’t conspire to steal pennies from paupers in order to pay off well-situated cronies. As existing monetary authorities most certainly have done, on multiple occasions.
That’s as eloquent a statement of Olsonian public chioce applied to monetary theory as I’ve ever heard. Hat tip Arnold, who also waxes eloquently against centrist technocrats.
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