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‘In a fiat-money system — one in which money is not backed by a physical commodity such as gold — it is not possible for a central bank to leave asset prices and yields entirely to the free market.’
The former Federal Reserve chairman, Ben Bernanke, in 2015. AP/Richard Drew
Ms. Shelton, an economist, is a senior fellow at the Independent Institute. She is the author of, most recently in the Sun, “God and Money: ‘A Perfect and Just Measure Shalt Thou Have’”; and “War Of Words Over Inflation Stirs Questions for the Fed.”
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