I’m devising in my mind the excuse you will offer when the economy actually recovers after these measures. I’m sure it will be entertaining!What no qualifications like "manipulated recovery"? And if the new money Bernanke prints actually gets into the system, as opposed to simply landing in excess reserves, what about the price inflation consequences?
Has Callahan gone complete to the dark side and become nothing but an anti-Misesian sorry apologist for the Fed? Maybe he's aiming for an appearance on the Max Keisier show.
Gene Callahan is a real smart guy. Just ask him. He completely demolished the case against fractional reserve banking by pointing out that FRB is just like an over-subscribed issue of pre-paid gift certificates. And there couldn't be anything wrong with over-subscribed gift certificates, could there? For kids' Christmas toys at Christmas?
ReplyDeletehttp://gene-callahan.blogspot.com/2012/07/if-fractional-reserve-banking-is.html
And Daniel Kuehn thinks he really really smart, too.
http://factsandotherstubbornthings.blogspot.com/2012/07/gene-callahan-on-how-ridiculous-claims.html
Oh, and he knows philosophy too.
Gene Callahan's recent behavior has been bizarre. He really has it out for the Mises Institute. My guess is that someone over there really hurt his feelings about something. Anyone have any details?
ReplyDeleteGC even picked a fight with Tom Woods. But he can't even write interesting doubletalk like Daniel Kuehn or Krugman. So, what's the point?
ReplyDeletehttp://www.tomwoods.com/blog/the-anti-rothbard-cult/#comment-610360144
What's the genesis of all this? His "Economics for Real People," I thought, was a pretty excellent primer.
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