Scott Sumner’s victory is total…

Phewee

“Market monetarists” like Scott Sumner and David Beckworth are crowing about the new respectability of nominal GDP targeting. And they have a right to be happy…. And now that we’re almost four years into the Lesser Depression, I’m willing, out of a combination of a sense that support is building for a Fed regime shift and sheer desperation, to support the use of expectations-based monetary policy as our best hope.

I for one welcome our new NGDP targeting, level targeting overlords, but in the UK it sounds like we may have had something similar for a while.

Scott’s having a good week, and good for him, it sounds like he’s sacrificed a fair amount of time with his daughter (during the years when a child actually wants to spend time with its parents) to push for market monetarism. I’d certainly buy him a beer were he to ever visit LSE.

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The American Right really, really, really Hates Poor People and Loves the Rich

In graph form, Republican presidential candidate Herman Cain’s latest tax plan and its impact on the after tax income of various Americans.

Taxation is theft! So make sure you only steal most from poor people…

[UPDATE, and here’s the link]