Jerry Bowyer has finally written something that makes a little sense:
This debate has been going on for more than a year between supply-siders — the gold-first crowd on one side, the bond-market/interest-rate/gold-also crowd on the other. Meanwhile, each month the consumer price index comes out with a relatively low reading. If the accuracy of a theory is demonstrated by its predictive ability, then how many months of low consumer price growth do we need before we can question the Wanniski approach to inflation forecasting? Gold-mania is a theoretical flaw in the supply-side movement that has lead to confusion and inaccurate predictions.
So much for his critique of Alan Greenspan.
But this is my problem with all of the NRO Financial crowd. It’s pretty bad when they expose a theory on Monday that rests on the proposition that the earth is flat. But it’s really pathetic when the same person exposes a theory on Thursday that assumes the earth is round – and then they lecture economists on logical consistency.