Central Banks: Easing Towards Maximum Perversity

No doubt, the perverse effect of central planning on the economy is tending towards a maximum.  This tendency can be traced back well over a century, with the advent of the Fed and the federal income tax in 1913.  Our purpose today, however, is to look back a mere decade.  This offers an adequate sampling of O’Toole’s corollary of Finagle’s law in action.