"Why won’t he write?"
Excuse the paucity of posts; on Saturday I went to Dick Clark (the younger)’s wedding to Justina White and then I went straight from there to Mises University. For those who know him, let me mention that Dick’s wedding was great; we had the best karaoke ever for the afterparty. I know that might sound lame but really, it was a small group in a dive bar in Decatur AL, but there were several musicians in the group and it was freakin’ sweet.
In the meantime, here is my critique of a PIMCO guy talking about how awesome Bernanke is, and why paying interest on reserves will contain the inflation genie. An excerpt:
Recall that Bernanke’s extreme money pumping — necessary to avoid the “mistakes of the Great Depression” — began in September 2008. That means almost two-and-a-half years will have passed, before these wonderful remedies work their magic.
Am I the only one who wants a refund? Back when Bernanke and Henry Paulson were bailing out AIG et al. with hundreds of billions of dollars, they told us it was necessary to avert a global economic catastrophe. Did everyone realize that the lesser of two evils involved two-and-a-half years (at least) of stagnation and interest rates at 0 percent?
