Reason Writers Around Town: Brian Doherty on the Grimness of Inflation—and how to beat it down
Over in the Los Angeles Times opinion pages, Reason Senior Editor Brian Doherty debates Doug Henwood of the Left Business Observer on the issue of hard versus soft money, inflation, and removing politics from the economic equation. From Doherty's first salvo:
Deflations can be grim, and inflations can be grim. As a way to help ameliorate—though not eliminate—these often damaging fluctuations in currency value, I'm going to speak up for a line of thought I've long been sympathetic to: the hard money school of economics (the Austrian variety is my favorite) which posits that the best way to "manage" the money supply is to remove from political authorities the ability to make more of it willy-nilly.