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Triumph of the technocrats

Five year after the crash, why are central bankers back in the driver's seat?

By Alasdair Roberts  

© Medil DC

In May 1932 Franklin Roosevelt was governor of New York State, and seeking the Democratic Party’s nomination for president. At Georgia’s Oglethorpe University, he described the philosophy that would guide a Roosevelt White House.  “The country needs bold, persistent experimentation,” Roosevelt said.  “Take a method and try it. If it fails, admit it frankly and try another. But above all, try something.”

Experimentation. This is what the Roosevelt administration, working…

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