Ramesh Ponnuru Knows We Need More Money, Unfortunately Nobody’s Told The European Central Bank

Ramesh Ponnuru has an excellent article about the role of monetary policy in the crisis, gently but appropriately chiding the right for its eagerness to embrace crank monetary views and sternly chiding the Fed for its reluctance to do enough to spark recovery. Having such a piece appear in National Review under the byline of one of the conservative movement’s leading lights is a small but important step to rebuilding the cross-ideological consensus that you need to do macroeconomic stabilization.

Unfortunately, nobody seems to have told the European Central Bank which has decided to take its too-tight monetary policy and make it even tighter, ignoring the vast human suffering this will inflict even while seriously jeopardizing the viability of the Eurozone system as a whole.