The racist Lew Rockwell (or do I repeat myself?) has once again launched an ugly smear. His post is vintage Rockwell: deceitful and malicious. Here’s what Cato president Ed Crane said at the launch party for the Daily Caller:
Federal Reserve System – Much as I hate to drop names, I had lunch with Ben Bernanke in the White House mess just about a week prior to his being named as head of the Fed. Nice guy. But it soon became clear that the man actually believes a strong economy is inherently inflationary. Please. An honest strong economy is deflationary, which is good, since the lower prices occur at the point of productivity gain and, hence, do not distort relative prices. But that’s not the way Ben looks at it. I said to him, it seems as though you disagree with Milton Friedman that inflation is solely a monetary phenomenon. He said, yes, that is true. Well, thank god the food in the White House mess is so good, or I’m out of there. The fact is we are in for a period of ugly inflation because Ben Bernanke doesn’t appreciate Milton Friedman. My long time friend, Ron Paul (who hangs with folks he shouldn’t) has a popular new book out, End the Fed. I’m for that. His bill to have more oversight of the Fed might be problematic but for Bernanke’s seeming desire to join the Obama Cabinet. Read my lips: The more of a commodity that exists, the less value each unit of that commodity will have. See the sinking dollar.
Here’s Lew Rockwell’s description:
After my formal talk on the Misesian vision, a man said to me: “In a recent article, Edward H. Crane, CEO of the Cato Institute, said ‘Ron Paul hangs around with the wrong people.’ Did he mean you guys?” “Yes,” I said.
“And was this the same article where Mr. Crane added, ‘I hate to be a name dropper, but I had lunch with Ben Bernanke in the White House mess the week before he was confirmed [as Fed chairman]. Great guy.’?” “Yes,” I was told.
Now note the change (and no link) from “nice guy. But it soon became clear that…” to “Great guy.” Native speakers of English know that “nice guy” means pleasant and affable, but not ([fill in the blank] wise, foresighted, hard-working, libertarian, smart, whatever), whereas “Great guy” means a “great guy,” i.e., [fill in the blank] wonderful, reliable, good to work with, on target, real libertarian, whatever. “Nice guy” and “Great guy” mean very, very different things. Rockwell is, in short, being deceitful again.