Joe Salerno on Central Bankers
By David Henderson
Central bankers are politicians with tenure.
This was economist Joe Salerno’s response to Stuart Varney’s claim that giving Congress more control over the Federal Reserve would put politicians in charge of monetary policy. (It’s at about the 4:09 point.)
I’ve always had a soft spot in my heart for Joe, ever since meeting him at the second Austrian economics conference in Hartford, Connecticut. I still remember when he was presenting a paper and Hayek, who was present, had something to say about it. Hayek bolted quickly to the podium and Salerno, sensing that he should let the recently crowned Nobel prize winner intercede, stepped back. Joe was obviously caught by surprise and so when he stepped back, he saluted. It was a sweet moment and the audience laughed with delight.