<blockquote>'..These days, a protracted period of post-Bubble inflationary fiscal and monetary policies literally know no bounds. And, you know what, Mr. Summers’ justifications and rationalizations sound similar to those espoused by inflationists and monetary quacks throughout history.
Axel Weber’s analysis is more credible. At this point, no one should be able to convince us that aggressive monetary and fiscal policies don’t risk inflating problematic Bubbles. Five years into an aggressive reflationary cycle, it is clear that past policy mistakes have been responsible for deep structural impairment. And deep structural issues have provided a backdrop where the inflationists believe they’re justified in running the electronic printing presses around the clock. This issue of cyclical versus structural doesn’t get the attention it deserves. If, as I believe, our economy faces deep structural weaknesses and imbalances, throwing more money, risk-taking and asset inflation at the problem only worsens the situation. Regrettably, Washington didn’t listen to Issing - and they clearly have no interest in advice from Axel Weber.'
- Doug Noland,
Invaluable Insight from Axel Weber, March 29, 2013</blockquote>
Context<blockquote>
'..Like monetarists, Keynes held no capital theory .. the role time plays..' - Jesús Huerta de Soto
'..Draghi's money. It covers up problems..' - inflationism .. intervention, obfuscation, rationalization and degradation..''..The clash of paradigms and the contrast in results..' - Jesús Huerta de Soto
'..present violation of law..' - Otmar Issing
'..As such, monetary union could survive without political union.' - Otmar Issing</blockquote>