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

Here’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 »

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.