The Thought Leader Interview: Allan Meltzer

The world is not facing another Great Depression, says the noted economic historian, but the Federal Reserve is eroding its credibility.

Allan Meltzer

We have to remember in thinking about all of these things that the financial markets, for the most part, lend long and borrow short. So there are always going to be periods, unavoidably, in which expectations change for one of a million different reasons and you find people in a position where it’s hard to renew short-term loans to finance long-term debt. But we can … [ Read more ]