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Hall of Mirrors: Jim Grant on the "Paper Moon", No Price Discovery Economy; Psychology of Bubbles Reason TV had an excellent interview with Jim Grant, editor of Grant’s Interest Rate Observer on the recent stock market turmoil. Grant says The Fed Turned the Stock Market Into a ‘Hall of Mirrors’ .“Confoundingly to me, people have come to be quite accepting of the value attached by fiat to these pieces of paper we call currency,†says Jim Grant, who’s the editor of Grant’s Interest Rate Observer and the author of The Forgotten Depression: The Crash That Cured Itself.“Are prices meant to be imposed from on high, or discovered by individuals acting spontaneously in markets?