FMJRA 12 – Sweet Emotion
Another week, another FMJRA Saturday another song from my youth –
Just two links this week
Honesty in Motion with Blessed are the Cheesemakers and The Classic Liberal who once again included me in his weekly round up. Just one little nit to pick with The Classic Liberal – There is no way that girl has a 32 inch waist. 22 is what I think he meant.
While we are talking about the Classic Liberals site – He has a post up today entitled “Applied Krugman” talking about commodity backed dollars and fiat currency –
In a late October post, Krugman attempts to discredit a commodity-backed dollar because it leaves “very limited room for maneuver.” You know … “expand” the money supply … print more dollars … aka counterfeiting money.
I am not an economist but if I remember things correctly it is this very ability to expand the monetary supply that stands behind Milton Friedman’s economic theories (monetarism). Lots of people seem pretty taken with Friedman and the CL himself quotes him approvingly at least twice (here and here), so I am a little confused. Is this ability desirable or not?
From my brief bit of research it also appears that a lot of the push for a return to a commodity based standard stems from the Austrian School of Economics. Again I am not an economist but it appears that those theories are open to some criticism also – Friedman, “The Hayek-Mises explanation of the business cycle is contradicted by the evidence. It is, I believe, false.” Correct or not? I don’t know. My guess is that like a lot of things the truth falls somewhere in the middle.
Another Black Conservative was on the Glenn Beck show. I’m not a Beck fan but I did watch a little to show some support.