Robin Harding of the Financial Times starts her article, “Fed Critics Run Risk Their Attacks Will Backfire,” like this:
Bigamy, grave robbing and passing false checks are pretty much the only crimes that Ben Bernanke and the Federal Reserve have not been accused of in the past few weeks.
That is a flat-out lie, Ms. Harding. Why, just this past Saturday, in my Mises Institute-sponsored private seminar in Rochester, I explained that Bernanke is going to write checks for $600 billion “drawn on thin air.” To drive home the point, I said, “It’s not as if Bernanke cut lawns all summer, building up a stockpile of $600 billion that he is now drawing down.”
So yes, I accused Bernanke of passing bad checks, insofar as that would even mean anything regarding the Federal Reserve.
UPDATE: Oh my gosh, I hadn’t even read the whole thing yet. It gets better:
Republicans in Congress decried a Fed policy that, through some voodoo, they think will not only fail to stimulate the economy but will also create inflation.
Although I took some flak from Free Advice readers in the comments, I have no regrets of my post a week ago, reminding people that stagflation is a possibility. No witchcraft needed.