Ms. Bachmann is best known for her conservative activism on issues like abortion, but what I want to talk about today is economics. When I ask who she reads on the subject, she responds that she admires the late Milton Friedman as well as Thomas Sowell and Walter Williams. "I'm also an Art Laffer fiend—we're very close," she adds. "And [Ludwig] von Mises. I love von Mises," getting excited and rattling off some of his classics like "Human Action" and "Bureaucracy." "When I go on vacation and I lay on the beach, I bring von Mises."I will be really impressed when she mentions Murray Rothbard.
But what is clearly going on here is that politicians can't ignore the Ron Paul Revolution. You have Pawlenty sounding anti-government, and now this from Bachmann.
Remember, Ronald Reagan was a supposed fan of Ludwig von Mises. During his period as president, the money supply (M2) climbed from $1.8 trillion to $3 trillion. Some student of Mises. Is this what we have in Bachmann?
According to the the WSJ profile, Bachmann is:
...also no fan of the Federal Reserve's decade-long policy of flooding the U.S. economy with cheap money. "I love a lowered interest rate like anyone else. But clearly the Fed has had competing goals and objectives. One is the soundness of money and then the other is jobs. The two different objectives are hard to reconcile. What has gotten us into deep trouble and has people so perturbed is the debasing of the currency."What the hell does this mean, we need a "new sheriff" to head the Fed? This is like calling for a new leader of the mafia. Unless she's talking Joe Salerno or Doug French, (and she's not), color me unimpressed.
That's why, if she were president, she wouldn't renominate Ben Bernanke as Fed chairman: "I think that it's very important to demonstrate to the American people that the Federal Reserve will have a new sheriff" to keep the dollar strong and stable.
Bottom line, it is great to see the debate moving toward the thought of Ludwig von Mises. That's where the debate should be, but when it comes to understanding Mises, it's the guy talking about ending the Fed, not "replacing the sheriff" that has this game won, Ron Paul. Nearly 30 years ago, Dr. Paul wrote a damn good book about Mises: Mises and Austrian Economics: A Personal View