Friedman's garbled recollection of a major U.S. political movement is a reminder that someone who doesn't understand the politics of his own country is probably not going to give you a lot of help understanding the politics of other people's countries.
Former Reagan budget director David Stockman is outraged–outraged I tell you!–by the Federal Reserve increasing the money supply. In a lengthy op-ed on the front page of the New York Times Sunday Review (3/31/13), he condemns "the mad money printers at the Federal Reserve" with their "egregious flood of phony money" and "a radical, uncharted spree of money printing." The Fed's "panic-stricken melee of…money-printing," he writes, is part of "the single most shameful chapter in American financial history." For all this moral indignation, however, he never gets around to explaining what exactly is wrong about "printing money." It's certainly possible […]
Why do we need "serious spending cuts"? Milbank assumes the answer is so obvious that it need not be explained–everyone knows the more cuts, the better. All the serious people, anyway.