Speaking at Russell Napier’s Library of Mistakes in Edinburgh earlier this month, Jim Grant of Grant’s Interest Rate Observer asked what financial mistakes we’re making today that future generations will regard as the most ridiculous. If you’re familiar with Grant’s writing the short answer won’t surprise you, though the speech itself delves into the debate surrounding the UK’s decision to resume the gold standard.
“I am going to put discretionary monetary rule by former college professors at the head of the list of errors over which our descendants will roll their eyes. Deflation-phobia and inflation-philia come next, followed by a general willful ignorance of financial history,” said Jim Grant.
[buffett]
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