[throwawaymaths]

Bad response. Nowhere do I claim that no meddling is good. I simply claim that this one form of meddling is really fucking bad and it's hard to see that meddling can be the root cause when you are predisposed to meddle.

The irony is that you're falling victim to exactly this phenomenon: I claim that meddling in one form is bad and you pull out a knee-jerk argument with a buzzword (externalities) that injects a misinterpretation of the logic in the argument. When you are predisposed to meddle, you put up barriers to understanding my argument.

Anyways, my point is exactly that central banking makes blindness to externalities worse.