James Grant: “I would keep the mandate even simpler than one. I would say that the Fed ought to be in business to support an objective…”

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.

The Fed has created a high-yield bond market without the yield.

I didn’t want to do deadly force.

I see a bubble in Treasury securities. I see a bubble in sovereign debts worldwide.