A friend reports hearing the editor of Reason on October 29 on Pajama TV’s Washington Watch. “While expressing skepticism of the financial bailout, the man said: ‘Liquidity injections, everyone agrees, are necessary and proper.’ “Huh?,” says my friend. “What does it say when the editor of perhaps the most prominent libertarian magazine believes we need a central bank printing more money to get us through a crisis, the roots of which lie in cental banking fiat money in the first place? And this is not some obscure academic point, but a fundamental precept at the core of libertarianism, right up … Continue reading They Pledge Allegiance to the Fed, and to the Easy Money for Which It Stands