The American Spectator

Reader Mail

(Page 8 of 15)

Jim Rose br> Sachse, Texas /p> p> What a beautiful tribute to a dear friend. br> -- Stephanie br> Gloucester, Virginia /p> p> STRONG STEADY HAND br> Re: Quin Hillyer's What the Fed Should Do : /p>

Quin Hillyer, whose economic instincts and commentaries are usually right on the mark, misses the target entirely in "What the Fed Should Do" (June 24, 2008). Like most conservatives these days, Hillyer takes interest-rate targeting by the Fed as a given (false premise) and then tries to puzzle out what interest-rate policy is appropriate in today's economic situation. No matter how intricate his logic, however, invalid conclusions always follow from false premises. In fact, the Fed's discretionary interest-rate targeting is the problem, and no manner of refined and sophisticated implementation of that ill-fated endeavor can work to maintain a stable currency.

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