The Scourge of the Faith-Based Paper Dollar
My thanks to a subscriber for this extremely interesting interview with James Grant by Holman Jenkins of The Wall Street Journal. It is posted in the Subscriber's Area but here is an excellent sample, posted without further comment:
Mr. Grant is also a critic - albeit with caveats - of today's great bankers, whom he says in one respect don't hold a candle to their gilded forebears. "When you take away the downside, you take away the virtue. You take away the moral foundation of markets. You always have envy but now the envy is a little better grounded in objective facts. Taxpayers get the downside. Modern-day Wall Street gets the upside."
