We all laugh at horoscopes and the people who read them, but I am not sure the financial pages of our newspapers (or the people who read them) are much better. Had I, for example, never read a single article in them, not only would I have been none the poorer, but I suspect I would have been none the less wise (or foolish).
Charles Calomiris and Stephen Haber, combining their scholarly command of banking and political institutions, have published a book full of fertile ideas, instructive histories of the evolution of a number of banking systems, and provocative interpretations of the co-dependency between banks and governments.
If a person is told by another, who stands in some kind of authority over them, that they ‘needn’t be doing’ something they are doing, is the person who receives this information to interpret it as an instruction to cease what they are being informed they needn’t be doing?
On the American side of the Pond, it would seem, the statement is to be interpreted so; on the British side, apparently not.