Bernanke on the wrong track

Over at the Independent Institute, Robert Higgs has a characteristically downbeat, yet unfortunately probably accurate, assessment of the future of the U.S. economy. Among the grave problems he sees are the avowed easy-money propensities of the Fed, and especially the “mountain of malinvestment” arising from the stimulus bill. As he points out, it is not unimportant in which way money is spent – wisely, in the service of much-needed economic restructuring, or foolishly, on make-work and pork-laden projects. And that sound you’re hearing is Calvin Coolidge rotating in his grave.