Monty Pelerin's World blog [6] points out five provocative questions that Ben Hunt [7] has raised. Many will answer "yes" to the five questions - and that has profound implications on what kind of country the US will become for the next generation...
1. Has the academic and bureaucratic capture of US monetary policy been duplicated in other policy areas, such as national security and healthcare?
2. Is there a common academic and bureaucratic response across these policy areas to the economic and political duress of the past 10 years, such that emergency policy actions against immediate threats have been transformed into permanent insurance programs against future and potential threats?
3. Is this the common thread woven through the three most important and controversial policies of our day: QE, Obamacare, and NSA eavesdropping?
4. Are there useful lessons to be drawn from the last time we went through such a wholesale redefinition of the *meaning* of government policy, back in the 1930’s?
5. What are the structural consequences for markets and investing that stem from this redefinition?
How many "yes"'s do you see?