CENTRAL banking used to be an august profession highly respected, almost reverred, mainly because they looked after everybody's money. But now that Wall Street can print more money than God, and the Fed and European Central Bank are still printing money to keep their economies from deflating, central bankers have lost their god-like status.
Every year in August, the Federal Reserve Bank of Kansas would host an event in Jackson Hole for central bankers and key thinkers about money to debate the international economy. In the 2005 Jackson Hole event, then IMF economic counselor Rajan Raguram asked the question: “Has financial development made the world riskier?” and was famously dismissed by the august central banking community present, including Larry Summers, then US Treasury Secretary, who called the paper “mildly Luddite”. In case you don't know what it means, Luddites are those who resisted the Industrial Revolution.