A postscript to my Meltzer post: I actually feel some human sympathy for Meltzer (though not too much). After all, put yourself in his position: you’ve literally spent decades promoting yourself as an authority on monetary policy, co-founding the Shadow Open Market Committee to critique the Fed. And now comes your moment of glory. This time the Fed has really done it, adopting a policy you consider wildly irresponsible and inflationary. So you deliver your dire warnings of the doom ahead, and wait for vindication.
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