I'll read this excerpt as well, which I thought described it excellently.

You said, quote, in practice, like 2008, this has sidelined the non-central bank,

central bank, leaving it effectively as the janitor who comes in after the mess

and attempts to begin cleaning it up. The mess still happens. Policies put in place have almost

nothing to do with interrupting rampaging inelasticity, but the Fed and its compatriots around the

world get to parade around somewhat plausibly, in theory,

claiming it would have been worse had the quote unquote market of last resort tactics not

been employed, i.e. job saved. So this is, I mean, there's the old, I don't know who originated

this joke, but calling the central banks the arsonists that proclaim

themselves the heroes for putting out the fire type of thing.

That's kind of the same thing, right?

And it goes back again, that December 2008 FMC meeting where they got together.

That's introduced the world to zero interest rate policies

in the U.S. and QE and all that stuff. That's really what it was. It was like, okay, we've been

defeated by this financial crisis that we said was impossible. Remember, you know, Ben Bernanke

stood in front of Milton Friedman in 2002 and said, yes, you're right, we caused the Great

Depression and will never let it happen again. And here they are in December 2008 saying, oh,

it happened again. What do we do now? Well, what we do is, number one, we claim that, oh,

we were effective because it would have been worse if we had done nothing. Right. And that's,

that's not a central bank. That's not what people were expecting. That certainly wasn't how,

what the system was expecting out of the Federal Reserve or anybody else. It wasn't like,

wait a minute, you guys had promised us this would never happen again. Now you're saying,

...