November 7, 2013
Recent papers written by Fed functionaries and the attendant media attention serve as a reminder of the academic and bureaucratic capture of the Fed. More interesting is whether this same capture has occurred in other policy areas, such as national security and healthcare, such that QE, Obamacare, and NSA eavesdropping are all best understood as a transformation of emergency policy actions against immediate threats into permanent insurance programs against future and potential threats.
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