Central Planners

Wikipedia articles on:

Economy of Nazi Germany

Economy of the Soviet Union

The New Deal

commenter at DeLong's blog writes

Bob isn't quite as crazy as Greenspan though. Greenspan would say, "It is unfortunate that we haven't had 10% inflation because the markets might stop expecting inflation, producing a sense of complacency, and could render them ill-prepared when it does happen." 

Translation: "The markets are wrong." Perhaps he wants to use 'central planning' to force people out of bonds... oh, wait... that is what the debt ceiling default is for! The Republicans are central planners who wish to plan the end of the USA.

 It is ironic when libertarians say that the infallible market is wrong. It is quite often wrong as DeLong and Krugman point out, even if they take the market more seriously than glibertarians do.

Markets can be subject to panic (see 2008) and bubbles (pre-2008). As Yglesias writes in a thought-provoking post in the context of Shinzo Abe and the LPD's landslide election:

From time to time sheer economic desperation will give us a Junichiro Koizumi or a Franklin Roosevelent but Koizumi didn't last and FDR plunged the country back into recession in 1937 with contractionary policy. Foreign policy crisis is the main thing that drives a national establishment toward heterodoxy and growth. Nobody tried to finance either world war on a sound money basis, and in most respects Keynesian theory followed wartime practice rather than vice versa.