Lars Christensen posted a guide post for the direction of his blog in 2014. I did not know his second child was born in February this year and I wish to congratulate him belatedly. I’d also like to wish the tike a happy 1st birthday early as to not forget it.
I share his sentiment that becoming a parent changes one’s perspective, except I’d add that it changed mine permanently. My daughter shall be 28 years old next month and my son is now 17 years. And to put it out there straightly, they are the very reason I have been as vocal as I have about the condition of monetary policy in recent years. It is too late for a policy change to benefit me to any relative extent; but the thought of one of my children being put in the same position of having worked for 30 years only to have it all put on the verge of vanishing and to be wiped out due to a long bout of unemployment in the midst of a monetary crisis while in their mid-40s is not something that I wish to contemplate. I will not be able to rest until I am assured that what put the “Great” into the Great Recession will never happen again. And I do not yet have that assurance.
As long as there are still intense literary and intellectual skirmishes happening regarding the proper value to be placed on inflation measures and short term nominal interest rates for the purposes of monetary policy formulation, I do not consider the purpose of my protest to be satisfied. Milton Friedman decided to move on once policy was stabilized, although not ideally, and it was not but 18 months after his death that the entire developed world went mad, bringing us all to the economic brink. And the discussions of the last handful of years have been almost entirely about relearning everything he taught us and then some, especially for those who should have known better.
Perhaps others feel comfortable with assimilation into a new synthesis inclusive of Market Monetarism (and I am not suggesting that Lars does – I do not know what he thinks about the matter in any way, shape or form), but the up close and personal effects of the last New Synthesis has left an extremely bitter taste in my mouth and there is no way I can even tacitly tolerate views that I consider to be intellectually abusive, inhumane and harmful to society. I will continue to call them out when I encounter them – and it doesn’t matter to me who is presenting them. A wig and lipstick on a pig does not change the basic aspects of a pig; and an idea proven to be a bad idea is no different. I am tolerant of many differing concepts, but inflation-nutterism, bubble fear-mongering, and intellectual slavery to the level of the Federal Funds rate to the peril of all are not among them.
I don’t intended to insult anyone and I am not trying to be uncooperative. But my moral compass always points north. And when it comes to monetary policy becoming a threat to the ability of average people to, at the very least, find a basic means of survival, there is no room for compromise.