Reviewing “The Quest,” and Other Tuesday Notes

My review of Daniel Yergin’s new book, The Quest, which I’ve been previewing here on Power Line for the last couple weeks, is out in today’s Wall Street Journal.  Enjoy!

Meanwhile, what is the Fed up to now?  I was listening to NPR on my way to the airport in Columbus this morning, and hearing the news that the Fed is considering a new “stimulus” plan of their own to boost the economy–this time by trying to push down long-term interest rates.  Hasn’t the Fed done enough damage already?  Weren’t prolonged extra-low interest rates in the early 2000s among the causes of the housing bubble, as low rates combined with other factors (Fannie, Freddie, etc) led to too much capital going into real estate, where it was predictably destroyed?  And what will happen to the U.S. Peso Dollar if we push down interest rates by brute force of central banking?  Long-term interest rates ought to reflect market conditions of the demand for money and be related to long-term discount rates connected to economic growth.

Maybe Rick Perry has a point after all.


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