Central bankers and the Great White Whale10th February 2019
Here’s the Financial Times:
Global economy: Why central bankers blinked
It’s been 18 years since I read Moby Dick, but I vaguely recall that Captain Ahab made the mistake of anthropomorphizing the white whale. Ahab had a sort of steely-eyed gaze—and didn’t blink when seeking revenge.
Central bankers need to work hard to avoid anthropomorphizing the market. Better to view market forecasts as a sort of natural force, like wind and waves. If market forecasts change (as they did late last year), then by all means “blink”.
It’s nothing personal.
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