Bernanke and treason

(from a reader)

In 1972, after Nixon had imposed price controls on the entire American economy, Fed Chairman Arthur Burns inflated the money supply by a then-record 8.7%. The Republicans praised him as a genius. The obvious purpose was to create a mini-boom to get Richard Nixon re-elected in 1972. The results were predictable: rampant inflation in 1973 as soon as the election was over and Nixon lifted price controls. I remember calling for prosecution of Burn for treason (I later learned how silly the argument was, since, like the tea-baggers, I hadn’t read the constitutional definition of treason, and didn’t separate corrupt or foolish policy from waging war on the United States or adhering to its enemies) , and being slapped by Republicans for being outrageous for making such a suggestion. I can’t say I’m happy to have Perry and Palin share my opinion….oh, they ARE suggesting that Arthur be dug up and prosecuted for treason like Cromwell after the Restoration, no?

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.