Academic

IN RESPONSE TO THE EARLIER RON PAUL POST (with cool photo!) Jason Whitworth writes: ?Would you plea?

By Glenn Reynolds

IN RESPONSE TO THE EARLIER RON PAUL POST (with cool photo!) Jason Whitworth writes: “Would you please point out that if Ron Paul succeeds in disbanding the Fed, that Nancy Pelosi would be in charge of monetary policy. Putting monetary policy back into the hands of the politicians at this time would be economic Armageddon. I sympathize with Libertarians. They are right about out-of-control spending. But like most economic populists, they are misguided and chasing after the wrong target. Please warn them. Or have Megan McArdle or some authoritative economists point out their folly.”

Well, that was the argument for making the Fed unaccountable — and one criticism of Bernanke is that he’s too responsive to the politicians. But I think (Paulites help me out here) that Ron Paul would address this by putting us on the gold standard, so that the money supply wouldn’t be under the control of politicians at all.

Full post as published by Instapundit.com on June 30, 2009 (boomark / email).