As a result, primary dealers are the
most influential non-governmental players in global financial markets, which is
why they supposedly must meet certain liquidity and quality requirements and provide
central banks with analysis and market intelligence on the state of the worldwide markets.
Displaying what Donald (now Dierdre) McCloskey once characterized as «the intellectual range from M to N,» there is no real comparison of the Fed's record with that of the system that preceded it; no mention of other monetary systems circa 1913 that had better records than the United States (
most pertinently, that of Canada); not nearly enough acknowledgment of the great harm the Fed has caused more than once in its history; no discussion of
why a few other
central banks — though surprisingly, only a few — have performed better than the Fed; and no inkling that
central banking may not be the best of all possible systems in the best of all possible worlds.