This is really freaky. It’s like with the “top income tax rate in 2013″ debacle. Can somebody read the exchanges between Sumner and me in this post–responding to a Sheldon Richman article–and tell me what the heck is going on?
As best I can tell, Scott position is the following:
“You Austrians are nutty for insisting that how the new Fed money enters the economy, can possibly make a difference. Now I admit, if the money enters in one route versus another, of course that makes a huge difference. But what I’m saying is, if you’ll read my post again, is that how the new Fed money enters the economy makes no difference.”
I realize you guys think I’m setting up a strawman. Go read it for yourself.