Thursday, April 04, 2013

The Geriatric View of Monetary Policy

The notion that the world is coming to an end because of wanton monetary expansion (i.e., "printing" money) by the Federal Reserve is a very stale argument. In fact, the argument is offensive to large segments of the population who are suffering from money shortages. Such preposterous claims are generally made by old people who ironically, are the biggest victims of their own thinking. I am not one of those people and have a different view.

The US cannot build a nation upon false geriatric claims of excess money in the economy. The problem is much more complicated than that, and always has been. But then, that's why old people are old, and why we cut them a break.

It's time for people to let go of the past and accept a more progressive, and hopefully pluralistic view of how best to distribute scarce resources in modern times. It's time for society to join the 21st century.

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