A Plurality of Monetary Regimes

Brace yourself to absorb an onslaught chiefly derived from dubious assumptions about the exalted social, political claims of monetary policy, specifically the single most significant political, cultural achievement since the American Founding:  a defunct Keynesian empire and the resurgence of old antiquated doctrines long since killed off by Monetarism.

Let me explain.

Jane Yellen is gonna be named Federal Reserve Chairman.  Why is this significant?  Because she’s a Trojan Horse embodying the most erroneous claims raised about the philosophical justification for ‘intervention’ or ‘accommodation’.  That silly policy achievement whereby superior technocrats create and sustain massive credit (mis)allocation for the purpose of satisfying idealist utopian dreams, dreams that fortify the claims underwriting the mythical authority of all Socialists.

Congress should “fillet” her alive as she reveals her philosophical justification for discredited Keynesianism.  There will no talk of the ‘Taylor Rule’ or its relative empirical relation to ‘out-put gap’, nor the relative merits of Monetarism, or the relative merits for different monetary regimes like inflation-rate-targeting, price-level-targeting, nominal GDP or dare I even say it: the gold standard and the uses of hard money tied to specie.

Gone will be any discussion regarding the SOCIAL IMPACT of monetary policy, that’s so Austrian.  How about the place of Hayek or Ludwig von Mises in her thinking.  Nope.

What were gonna get instead is a steady diet of newspeak worthy of Orwell on the triumphs of technocracy.

40 more months of this nonsense!

About William Holland

Systematic Theologian/International Relations
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