Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

FORMER MOODY'S VICE CHAIRMAN: 'The Only People Who Understand Monetary Policy Are Jews And Catholics'

Matthew BoeslerAug 16, 2013, 19:42 IST

Wikimedia CommonsHere's Christopher T. Mahoney, former vice-chairman of credit rating agency Moody's, in a Project Syndicate op-ed titled "Protestants Will Never Understand Monetary Policy," presented without comment:

Why is the Right so in love with hard money, low inflation, and high unemployment? Here is my answer: because they do not believe that there is such a thing as a free lunch. You could spread out a smorgasbord of caviar, salmon, lobster and Dom Perignon, and they would turn their heads and eat a cheese sandwich. Reflation is easy and thus sinful. It’s that Protestant thing. The only people who understand monetary policy are Jews and Catholics.

Read the whole piece on Project Syndicate »