Economic liberals argue that the market itself is the greatest price-discovery mechanism known to man.

ECONOMIST: The invisible green hand

The oil market is tight, but price is a wondrous mechanism, and rising prices have spurred investment.

ECONOMIST: Energy security

Of course, in order to use this as an argument that inflation is not a problem, he has to assume that the market has enough wisdom in it to properly gauge future inflation, but then he immediately turns around and forgets the wisdom of the markets when he overrules its price setting mechanism with an unprecedented series of operations, from open market to twist.

FORBES: What Gold Sees, and Ben Bernanke Does Not

It was instrumental in designing the Clean Development Mechanism, which it is doing very nicely out of, and it fears that flooding the market for carbon credits with new supply from tropical forests would depress the price and destroy the mechanism.

ECONOMIST: Climate change

Unlike the classical gold standard, there is no market feedback mechanism to bring the quantity of money in line with the demand for money while maintaining long-run price stability.

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