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Peter Schiff vs. Scott Sumner (new Market Monetarist school?) on Kudlow

Peter Schiff vs. Scott Sumner (new Market Monetarist school?) on Kudlow.

I Startpaged "new Market Monetarist school" just the way Kudlow stated it, and came up with some reading. I see now it's more properly called Market Monatarism. So I guess this is a somewhat new scool of economic thought then. I hadn't heard of it until now. So far I think we agree on some criticisms of Keynesianism, but then it stops dead right there. This school is highly interventionist. What intrigues me is that it is new.

Market Monetarism from Wikipedia

The Rise and Fall of Market Monetarism from Mises

This seems to me to be a way to accomplish controlled opposition. / sarc "Let's start up a new economic school of thought, rail against everything we've been doing, and when the system crashes, we spring into action offering this new school as a solution." Problem, Reaction, Solution. Kinda reminds me of 1907. Who knows! I only just heard of it and am musing.




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Interventionist or non-interventionist?

Reminds me of the old Winston Churchill story:

“Churchill: "Madam, would you sleep with me for five million pounds?"

Socialite: "My goodness, Mr. Churchill... Well, I suppose... we would have to discuss terms, of course... "

Churchill: "Would you sleep with me for five pounds?"

Socialite: "Mr. Churchill, what kind of woman do you think I am?!"

Churchill: "Madam, we've already established that. Now we are haggling about the price”

Once you've establish the monetary policy strategy, beyond that is just haggling about the tactics.