Over at the Forbes blog, Timothy Lee of the Cato Institute has a good post criticizing what he calls "libertarian inflation hawks." But as David Henderson points out in an EconLog post entitled "Timothy Lee's Blunder," Lee is quite incorrect to state that Scott Sumner is the "lonely exception" to libertarians predicting rising inflation. As evidence, David cites our own joint article defending Greenspan, published by the Cato Institute, along with two of his previous posts. He also could have mentioned our earlier defense of Greenspan, appearing in the March 28, 2008, issue of Investor's Business Daily.
Even if Lee has in mind only libertarian inflation predictions since Bernanke's response to the financial crisis, he still has overlooked an article I wrote for the November 2010 issue of The Freeman, entitled "Government's Diminishing Benefits from Inflation," in which I make almost the same point as Lee: "most libertarians . . . anachronistically harp on how the U.S. or European governments might cover significant fiscal shortfalls with the printing press, completely oblivious to how insignificant for such governments this hidden tax has become." Indeed, this article became the basis for an op-ed that I co-authored with Sheldon Richman and, like Lee's post, appeared on the Forbes blog.
The Independent Review also recently published my article "Ben Bernanke versus Milton Friedman: The Federal Reserve's Emergence as the U.S. Economy's Central Planner," in which I explicitly agree with parts of Sumner's analysis and contend that Bernanke's "policies were closer to a quantitative tightening" than to genuine quantitative easing. But enough self-promotion. George Selgin, although he rejects David's and my evaluation of Greenspan's monetary policy, is yet another libertarian who has endorsed much of Sumner's analysis in a discussion at Cato Unbound (to which I also contributed).
comments powered by Disqus
- How Clinton Could Respond on Supreme Court Vacancy
- Trump and Clinton Way Ahead in South Carolina
- McConnell Says Senate Will Wait to Replace Scalia
- Antonin Scalia Is Dead
- Clinton Says Sanders Would Be Threat to Obama Legacy
- Internal Tracker Shows Trump Leading in South Carolina
- How the Primaries are Rigged Against Sanders
- Carson Sees Fundraising Resurgence
- Trump Has GOP Mega Donors Frozen
- Quote of the Day
- Top GOP Candidates Haven’t Released Tax Returns
- Trump Attack Ads Finally Begin
- Super PACs Gear Up for Clinton
- Cruz App Mines Data from Your Phone
- Trump Way Ahead in South Carolina
- Ben Carson used an apparently fake Joseph Stalin quote — and the Internet loved it
- Rubio exaggerates in saying it's been 80 years since a 'lame duck' made a Supreme Court nomination
- Humans Hard-Wired to Teach, Anthropologist Says
- Parents outraged after students shown ‘white guilt’ cartoon for Black History Month
- Maryland is once again considering retiring its state song
- Historian at the center of Sanders-Clinton debate
- James Loewen Says Additional Baltimore Confederate Statues Should be Removed
- NYT History Book Reviews: Who Got Noticed this Week?
- A historian’s advice to students thinking of getting a PhD in a tough economic climate
- German historian Heinz Richter cleared of charges