Here’s Congressman Lacy Clay on monetary policy. Note that he cannot even conceive of an argument against what the Fed is doing. The choice, as he claims to see it, is between low interest rates on the one hand, and people who inexplicably — but probably because they hate mankind — do not want interest rates pushed lower. That all this manipulation of interest rates might have caused problems in the past — oh, I don’t know, the Great Depression (and the 1920s inflation that preceded it) or more recently the dot-com boom and bust and the housing collapse—- is of course not considered. If we want prosperity, why, we simply order it into existence via central planning!
As for Congressman Clay’s disbelief that anyone could think prices might rise as a result of all this, scroll down EconomicPolicyJournal.com today and scan the entries.
10:14 am on February 16, 2011
