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: Instapundit.comGREG MANKIW ON INFLATION: The Monetary Base is exploding. So what? UPDATE: A hedge-fund reader ?
By Glenn Reynolds
GREG MANKIW ON INFLATION: The Monetary Base is exploding. So what?
UPDATE: A hedge-fund reader emails:
The monetary high command is in full butt-covering mode now. There are so many ill-defined moving parts in their policy kit that both history and forecasts can be drafted to ensure their retrospective accuracy. Mankiw, by all accounts a decent bloke, labors under the Harvard brand, which has come to mean “From those wonderful folks who gave you Larry Summers…”
Ouch.
Full post as published by Instapundit.com on December 30, 2009 (boomark / email).
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