Keynote speech at the 60th anniversary of FGV EPGE (Brazilian Institute of Economics and Finance), Program here. Direct link to my presentation here (YouTube). (If you are impatient, I start at about 4:00). I plan to turn these ideas into an article at some point.All meeting videos here

Subject: Central banks, especially the Federal Reserve, are out of control. I traced the history of this expansion and how the small steps taken here and there have evolved rapidly. In 2008, the decision to supervise assets instead of pursuing equity financing banking, and to purchase a large amount of assets, are small steps in rapid development. They are the moment the central bank became known as the two-year-old with a hammer. In the end, the natural meaning of the “entire government” approach must be the end of the independence of the central bank and its complete politicization.