Tuesday, November 1, 2011

Law as Bungee Cord

From Brad DeLong, a post about the Bank of England. In the 19th Century, it stretched its legal authority (really, went beyond its authority) with regard to printing money, when it thought it needed to. Whether it should have done that or not is not as clear to me as it is to him, but the fact that it did is news to me, and interesting.