In the category of sentences that give us pause. (From the Economist’s leader this week on oil price shocks).
A lot will depend on the skill of central bankers.
(Let me add that I have a lot of respect for central bankers, and am not among those who think they are idiots, obviously or otherwise. I might prefer John Taylor’s policies to Ben Bernanke’s, but they are a lot smarter than I am in a discipline I barely understand. Still, speaking from the standpoint of political ignorance, I can’t say as this kind of ad hoc-ness gives me great confidence.)