Quote of the week from Hormats

"Had there been an IMF in the 1850s to insist that the United States create a strong central bank, its advice would have been bitterly resisted by many Americans".

(Robert D. Hormats, "Abraham Lincoln and the Global Economy", Harvard Business Review, August 2003). Hormats, who has been at the top of Goldman Sachs for 20 years following a precocious career in government service in the US, says that the consensus in the United States on the need for a central bank had to grow out of many years o