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 … Continue reading Lacy Clay’s Deep Thoughts