Greenspan enters his surrealist period

Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.

First published in the UK edition of the Financial Times by Gerard Baker, 10 July.

It has been all change at the top of the world's great central banks in the past week or two. Mervyn King, the star of UK monetary policy for the past five years, has at last moved up to his

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