The American Spectator

Streetcar Line

Staunching Stagflation

By Quin Hillyer on 2.28.08 @ 12:04AM

(Page 2 of 2)

"Now, again, I am no expert on the precise mechanisms by which dollar strength can be re-established. But I am reliably informed that it can be done in a productive and orderly fashion. I would ask the President, the Treasury Secretary, and most importantly the entire Federal Reserve Board to meet with a team gathered by my two chief economic advisors, Jack Kemp and Phil Gramm, to discuss the best ways to bring the dollar back to par -- and to kill price inflation while jump-starting our economy in the process. And to do it soon, my friends, very soon.

"Look, deep in their bones, every American understands this. Every American understands that the first order of business for economic policy makers is to make sure the dollar is a steady standard.

"Just as I sounded the alarm in Iraq and called for the surge there long before anybody else, I now am issuing the same type of warning for timely intervention in favor of the dollar. There still is time to act, before the economy goes into the tank. But the time is growing short.

"Friends, the time to act is now, and woe be unto the economic leaders who keep trying the same wrong methods rather than returning to the wisdom that a dollar saved is a strong economy earned."

If McCain does that, two things can happen: Either the president and the Fed can agree, in which case we'll all be lucky because the economy will be saved; or the president and Fed can ignore McCain, in which case there would be no way for the Democrats to blame the economy on McCain if things continue to get worse.

After all, McCain, could say, "I tried to warn them but they just wouldn't listen."

Quin Hillyer is an associate editor of the Washington Examiner and a senior editor of The American Spectator.

Letter to the Editor

topics:
Taxes, John McCain, Television, Economics, Business, Iraq, NATO, Oil