William Miller, a former Fed chairman in the 1970s was known to have joked that 23% of the US population thought the Federal Reserve was an Indian Reservation, 26% thought it was a wildlife preserve, and 51% thought it was a brand of whiskey. On that basis the ECB might be confused with the England Cricket Board and the BoJ as Balance sheet of Jenga.
Miller shouldn’t really have been one to joke – his tenure at the Fed lasted only seventeen months after he flagrantly lost control of inflation, to be ‘promoted’ to the role of Treasury Secretary and replaced at the Fed by Paul Volker – the rest as they say, was history.
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