Last week, I wrote a post linking to a James Fallows post on how Liaquat Ahamed made some Great Depression history much more interesting through the style of his writing in Lords of Finance. Now almost halfway through the 500 page tome, I have come across what will probably be my favorite paragraph even though it's really not that interesting:

"Having jettisoned the simple operating procedures of the gold standard, which linked credit creation solely to gold reserves, Stong began to improvise an alternative set of principles to guide monetary policy. the Fed's primary goal should be, he believed, to try to stabilize domestic prices. But he thought that it should also respond to fluctuations in business activity...This new set of principles, somewhat cobbled together on the fly, represented a quiet, indeed carefully unheralded, revolution in monetary policy."

Emphasis mine for obvious reasons. "Cobbled together", "unheralded", and "revolution": equally applicable to the first Fed Chair's monetary policy in 1924, and OnTheFly.com!