Jerry L. Jordan, the former president of the Federal Reserve Bank of Cleveland, delivered the keynote address at the Cato Institute 28th Annual Monetary Conference held last week.
Subscribe to our YouTube channel.
Latest Study
Move to Defend: The Case against the Constitutional Amendments Seeking to Overturn Citizens United
Featured Event
May 17
Featuring Benjamin H. Friedman, Research Fellow in Defense and Homeland Security Studies, Cato Institute; Spencer Ackerman, Senior Writer, WIRED Magazine; and Julian Sanchez, Research Fellow, Cato Institute; moderated by Laura Odato, Director of Government Affairs, Cato Institute.
Featured Publication
Latest Multimedia
May 24, 2013
May 24, 2013
Latest Commentary
John Mueller, Mark G. Stewart and Benjamin H. Friedman
Latest Blog Post
The rise in federal spending is causing an unprecedented real-estate surge in Washington.
Featured Book
More Bang for Your Buck
The Cato Institute tops a new measure of think tank performance in the United States, according to a recent report. Cato bested all other U.S. think tanks in the main category of “Aggregate Profile per Dollar Spent.” “I’m grateful to the Center for Global Development for showing that Cato gives its sponsors something I wish government gave more of to taxpayers: bang for the buck,” said Cato CEO John Allison.
Jerry L. Jordan, the former president of the Federal Reserve Bank of Cleveland, delivered the keynote address at the Cato Institute 28th Annual Monetary Conference held last week.
Subscribe to our YouTube channel.
King Canute famously demonstrated to his advisers that even a king couldn’t stop the sea from rising. Abraham Lincoln told his visitors that calling a dog’s tail a leg doesn’t make it a leg. But lots of people these days think that passing a law automatically makes things happen, that you can pass a law against drug use or racism or homelessness and solve a problem.
Today I heard a traffic reporter on WAMU public radio demonstrate just how widespread that assumption is, at least in Washington. About 9:20 a.m. he said, “The federal government opened on time today [after a week of closings and yesterday’s delayed opening], so most federal workers are already sitting at their desks.” Well, I was stuck in a miles-long backup on snow-blocked roads, and I’m guessing that a lot of the people in the other cars were federal employees. Just because you declare that the federal government will open on time doesn’t automatically mean that federal employees will get there on time. You have to take into account realities like weather, slow clearing of roads, and people’s unwillingness to start their commute much earlier than normal.
Reality, alas, interferes with a lot of grand plans.

This work by Cato Institute is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.