John Allison, former CEO & Chairman of BB&T and current president of Cato, talks on the financial crisis and the philosophy of Ayn Rand at the Adam Smith Institute’s first Ayn Rand Lecture at Drapers’ Hall.
The Fed’s Fatal Conceit
In my experience, the Federal Reserve is guilty of what F. A. Hayek (1989) called “‘the fatal conceit”–that is, the belief that smart people can do the impossible. I don’t care how smart you are or how great your mathematical models are, you cannot coordinate the economic activity of seven billion people on this planet.
