Thanks to Tracy Schumer for pointing out the column byAndrew Leonard in Salon. Leonard, a devoted fan of the Federal Reserve and sworn enemy of the gold standard, is disturbed that “ideas that once were relegated to the minority, or consigned to the crackpot cellar, are suddenly getting full exposure in the bright of the day.” Ideas like Austrian economics, honest money, competitive currencies, and abolishing the Fed, as championed by Ron Paul. So Leonard interviews establishment anti-goldite Barry Eichengreen of Berkeley to refute Ron et al.
The late Murray Rothbard was once seated next to Eichengreen, and he demanded of Murray, “What ‘in’ do you have with Paul Johnson, that he would cite you in Modern Times?” The book was America’s Great Depression, and Johnson had been convinced by it. “None,” said Murray. “I don’t know him.” Oh right. Eichengreen gave a snort of disgust, and turned away in disbelief. “It was a great peek into power elite academics,” Murray told me. “To Eichengreen, everything happens because someone has an ‘in.’ Ideas don’t matter.”
4:49 pm on April 18, 2011
