“The left views the Fed as one more government agent of income redistribution. Stated Fed goals of maintaining the purchasing power of the dollar, keeping inflation at a manageable rate and spurring economic growth are superseded by a goal of facilitating Washington’s spending and borrowing needs…

…Therefore, when a former Fed chairman brings his credibility to bear on the monetary-policy debate by expressing concerns about easy money and inflation repercussions, he represents a clear and present danger to the entire progressive redistribution network. This is another example of leftist bullying that pays dividends in today’s one-sided policy debates.”, Jeff Adams, Atlanta, “Letter to the Editors: The Wall Street Journal”

Opinion
Letters

Issues Behind Bullying of Greenspan

Mr. Greenspan’s critique is interpreted as code for less government intervention, which is code for discrimination against the poor and ethnic minorities.

Seth Lipsky’s “A Liberal Speech Cop Targets Alan Greenspan” (op-ed, May 15) reports that Alan Greenspan, former chairman of the Federal Reserve, pulled out of a conference this summer on monetary reform because he was being blasted by Paul Krugman. Mr. Krugman’s vitriolic comments were sparked by Mr. Greenspan’s writing about Fed-induced inflation, trusting markets and voicing opinions about Fed policy—and for being part of a conference sponsored by a conservative group that was “pro-‘religious liberty.”’

The left’s power to intimidate those not on the left is frightening. “Pro-‘religious liberty’” is interpreted by many in the media as code for antigay marriage, which is code for homophobia. Now, Mr. Greenspan’s critique of overly accommodative monetary policies that in his estimation have passed their optimal expiration date is interpreted as code for less government intervention, which is code for discrimination against the poor and ethnic minorities.

The left views the Fed as one more government agent of income redistribution. Stated Fed goals of maintaining the purchasing power of the dollar, keeping inflation at a manageable rate and spurring economic growth are superseded by a goal of facilitating Washington’s spending and borrowing needs. Therefore, when a former Fed chairman brings his credibility to bear on the monetary-policy debate by expressing concerns about easy money and inflation repercussions, he represents a clear and present danger to the entire progressive redistribution network. This is another example of leftist bullying that pays dividends in today’s one-sided policy debates.

Jeff Adams

Atlanta

Posted on June 1, 2015, in Postings. Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: