David Stockman’s American Economic Horror Story

David Stockman (cc photo: Tarek Rizk/Aspen Institute)

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 […]