> McCullagh gives himself away at the end by quoting Ludwig von Mises,
> who was, among other things, a wacko gold bug who thought that the
> price level should generally be falling. What was the Fed supposed to
> do instead of lowering rates after the stock market fell apart in
> 2000? Let the economy fall into depression?
Why yes, of course! McCullagh is a pretty hard-core libertarian type.
What I was curious about was alternative explanations for the lack of real pay raises this year. The explanation given (inflation) struck me as, well, odd.
John A