Goodbye, yellow brick road

An article in the Financial Times places Federal Reserve Chairman Alan Greenspan in the world of the Wizard of Oz. For the time being, it says, the Fed's goal is to ward off deflation; if that means straying from the Yellow Brick Road of policy orthodoxy, so be it.

First published in the UK edition of the Financial Times, 5 August. The writer, Bill O'Rahilly, is a Dublin-based investment banker.

Seldom can we draw upon fiction and witchcraft to direct us through economic history. But in 1964

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