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The Fed can learn from history’s blunders (Barry Eichengreen)

At FT, Barry Eichengreen comments: The Fed can learn from history’s blunders.

One hopes that history will judge the Fed as favourably. James Bryce, the historian, had it right when he wrote that the chief practical use of history is to deliver us from plausible but superficial historical analogies. Or as Mark Twain more prosaically put it, the past may not repeat itself, but it rhymes.

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