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I much enjoyed reading the article Prof. Horwitz. Have you ever looked into comparing the modern governments' behavior with older government spending behavior in England and France 300-400 hundred years ago, and how they financed war in with monetary constraints?

Thanks Kevin.

I think there's a terrific book waiting to be written on the history of central banking across the world that uses the kind of framework I use in the Freeman piece. I'm not the guy to write it, but it would be a great project.

This is slightly off topic. I was reading this article: "Why Fed rate cuts may be spurring inflation"
http://www.msnbc.msn.com/id/23352078/

It wasn't until the 11th paragraph that it even mentions the Fed's easy money policy. Several paragraphs before it blamed higher prices on Oil demand and increasing cost of food due to government interference.

What I find even more interesting is the following statement: "A slowing economy is supposed to help keep inflation in check, as weaker demand takes some pressure off prices. Some economists note that, with the economic downturn still in its early innings, it may simply take awhile longer for the slowdown to begin easing inflation pressures."

WHAT? "A slowing economy is supposed to help keep inflation in check"?? Could this be more Keynesian? What happened to the Weimar Republic or what about the current problems in Zimbabwe? How about looking back at our own country's problem during the 1970s?

Correct me if I am wrong, but just because you have a downturn in the economy doesn't necessarily bring inflation under control if you keep PRINTING MONEY!

I just read K. Polanyi's The Great Transformation. I was struck by how central the gold standard is inthe liberal order, and the collapse of liberalism. He sees going off gold as one of the triggers of the great transformation away from liberalism (though he says that transformation was inevitable). He's a socialist, but he is totally affirming the key role played by the gold standard in constraining Big G.

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