John Hussman is the latest money manager to write an anti-QE manifesto.Add him to the list.
Pretty much every pro we’ve seen is disgusted by the whole concept, and can’t fathom why the bearded academic Ben Bernanke is willing to play such games with the US system of money.
Conversely most academics can’t figure out why Bernanke is ao trigger-shy.
After all, back when HE was an academic, Bernanke excoriated the Japanese for not being more aggressive… so they can’t fathom why he hasn’t gone whole-hog into money printing yet.
So why does it break down like this? It’s just politics.
Money printing is just a form of redistributive taxation.
Those with wealth are hurt by it. Those with debt are helped by it.
Money managers are usually pretty wealthy and conservative and any talk of taxation makes them spit. Academics like Brad Delong are usually well off, but being typically liberal favour higher taxes as an economic solution. Writers like Edmund Andrews don’t have that much money and favour it.
So that’s it. It’s just a left-right fight over a form of taxation.
Now don’t miss: The 9 stages of dollar debasement >
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