Over the last month, with astonishing rapidity, opposition to looser monetary policy has become the default position of the Right. Sarah Palin, Paul Ryan, and Mike Pence have all condemned QE2. Conservative worthies have written an open letter to Ben Bernanke urging him to cease and desist. Conservative pundits who have never previously expressed any interest in monetary policy are now alarmed by the prospect of (as some of them put it) “hyperinflation.”
Maybe Bernanke’s critics are right. Certainly there are a lot of smart monetary economists who agree that QE2 is a bad idea, and the skeptics include many of the people on whom I usually rely to form judgments about economic policy. But I find the economists on the other side of the argument–I’ve started reading these three economists daily–more persuasive.
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