A few days ago Benjamin Cole sent me this news nugget from December 1984. It´s a beaut:
In December of 1984, Donald T. Regan, President Reagan´s Treasury Secretary attacked the Board of the Federal Reserve, accusing it of being “penurious” in restricting the money supply and warned the Treasury was studying ways of restricting the Board´s independence.
I wonder, comparing the images below that contrast then and now, how loudly Don Regan would be “shouting” today! Most likely he would have requested the Department of Justice to send FBI special agents to round up all members of the Board under the charge of practicing “domestic terrorism”!
The Reaganauts really brought out the boxing gloves. See also this:
http://news.google.com/newspapers?id=hUBVAAAAIBAJ&sjid=55QDAAAAIBAJ&pg=5524,8412282&hl=en
In other words, the Reaganauts wanted the Fed to print more money.
The danger for the (USA) nation is that the right-wing today has (stupidly) conflated patriotism with tight money.
There is a disaster brewing….for the USA.
BTW, Marcus Nunes does great posts, with superb graphs, one after the other. After a while, we take these wonderful posts for granted—but then think about it: Is there anyone in the broad mainstream media that even comes close to Nunes?
What a world. One of the great lights about US monetary policy is not anywhere in the US media-scene, he is not even in the USA. He is a blogger (and professor!) in Brazil.
I love the Internet.