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“Monetary Crank” was a derogatory term used in the past to refer to crazy monetary theories and/or schemes. Its use has fallen out of favor, yet its applicability today is as relevant as it was in the past. Unfortunately what used to be subsumed under the term, now appears to be considered normal monetary policy.
Lawrence Reed indicates:
Maybe we don’t hear the words “monetary crank” these days because the culprits truly have vanished and everybody has smartened up when it comes to money. But wait a minute! If that were the case, how do we explain a dollar that’s now worth about a nickel of its 1913 value, the year something called the Federal Reserve was created?
Hmm. Maybe the only people who have smartened up are the monetary cranks themselves. They’re now wearing pinstripe suits and instead of selling inflation per se, they’re hawking “stimulus” and “full employment.”
For a short but interesting history of Monetary Crankism (was another “ism” just created?), read Lawrence Reed’s piece in FEE.
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