Here’s Christopher T. Mahoney, former vice-chairman of credit rating agency Moody’s, in a Project Syndicate op-ed titled “
Protestants Will Never Understand Monetary Policy,” presented without comment:
Why is the Right so in love with hard money, low inflation, and high unemployment? Here is my answer: because they do not believe that there is such a thing as a free lunch. You could spread out a smorgasbord of caviar, salmon, lobster and Dom Perignon, and they would turn their heads and eat a cheese sandwich. Reflation is easy and thus sinful. It’s that Protestant thing. The only people who understand monetary policy are Jews and Catholics.