James Grant: “I believe that the Fed ought to be doing much less than what it is doing, and it could do with many fewer economists.”

Everybody I know, and I’m not just talking about 10 or 20 people, nobody could believe we even got this far. The laws are bad.

The price mechanism is our indispensable contrivance, and without it, the store shelves would be stocked with things we don't want, if they would be stocked at all.

I didn’t want to do deadly force.

I would keep the mandate even simpler than one. I would say that the Fed ought to be in business to support an objective definition of the value of the dollar.