The danger here isn't an opportunistic, partisan turn against sound monetary policy. That's a problem, but it's also a near inevitability in a two-party system like ours, and given the Federal Reserve's independence, it's one that can be mostly ignored. The danger here is a real turn against sound monetary policy that smart Republicans find they can't quietly abandon when they enter office. That's a world in which a Republican administration will find itself unable to make good nominations to the Federal Reserve, and perhaps even unable to stop Congress from making unwise alterations to the mandate and powers of the Federal Reserve. That's a world in which the lessons of the Great Depression — and of Milton Friedman — aren't just forgotten, but are in fact lost.
Erick Erickson throws insults around at Matt Yglesias but cannot address the substance. The Weekly Standard has a promisingly titled post, "The Mask Slips" – but it's about a New York Times reporter's description of the lynching remarks as "horrifying"! One wonders what Commentary would be saying if a populist Texas Democrat had called for lynching a Jewish official. Fallows thinks this idiocy shows Perry isn't ready for prime time:
Just after Sarah Palin was nominated three years ago, I argued that anyone who moves all at once from state-level to national-level politics is going to be shocked by the greater intensity of the scrutiny and the broader range of expertise called for. Therefore that person is destined to make mistakes; the question is how bad they will be…If Bernanke "prints money" in the next 15 months, toward the end of forestalling a recession or preserving jobs, Perry would consider that "almost treasonous." This is the kind of thing you just don't hear from national-level politicians, and for a reason. (For starters: the punishment for treason is death.)
Obama looks better the more the Republican field displays its outlook and temperament. Romney looks better the more the anyone-but-Romney alternatives come into full view.
But Romney can't win. TNC sees a meep-meep moment.
(Photo: Texas governor Rick Perry speaks during the 2011 Republican Leadership Conference on June 18, 2011 in New Orleans, Louisiana. The 2011 Republican Leadership Conference features keynote addresses from most of the major republican candidates for president as well as numerous republican leaders from across the country. By Justin Sullivan/Getty Images.)