Forgive me, I'm giddy again. Whenever any major economic heavyweight reveal they read or have at any time read my blog I swoon just a little bit. Now Marcus Nunes has revealed that he not only has read me-which I knew-but does so regularly-he actually receives my blog in his email. I'm getting lightheaded again. Got to sit down! LOL
If you haven't read his Faint of Heart blog, I can't recommend it too highly. I learn so much about monetary facts and history every time I read him, he's just a bottomless well of knowledge and insight.
In the above link, Marcus nails the Wall Street Journal for it's attempt to demagogue high oil prices. He shows that they're full of it to claim that monetary policy has been too easy and that this is responsible for high oil and gasoline prices.
In truth of course, WSJ is just being it's usually politically opportunistic self, as usual acting as the informal organ of the Republican party's propaganda machine. The Republicans are running out of ways of scoring political points-the bad economy angle has fizzled with the economy improving and Romney's aborted attempts to engage on the economy, then they have hurt themselves by tyring to play the old wedge issue game on contraception-this has hurt them much more than the President.
So now it's "high oil prices" which is a misnomer. In truth oil prices have been at trend. True gas was down to $1.87 per gallon when Obama came into office but that was only because of a radically depressed economy-as the MMers like Marcus put it, NGDP had crashed. When it stabilized, oil and gasoline bounced back.
What I particularly appreciate about Marcus is he writes very regularly so there is plenty to shop for in the archives.
I enjoy to be sure, all the Market Monetarist blogs-Christensen, Nick Rowe, David Glasner, and yes Scott Sumner-I give him crap partly because of his attempts to dismiss my criticism in the comments section by with the cop out that I'm over my head in reading his blog. To be sure I disagree with Sumner and all the Monetarists on some very important questions regarding fiscal policy and Keynesian.
Let me say this for them however. Compared with my history at places like Firedodglake, Daily Kos, and the DemocraticUnderground, I find the MMers at least on a personal level very classy people. Even when I disagree with them they always treat my ideas respectfully-I do think that's partly because my analysis has merit whether or not they agree with me on everything. At liberal blogs like Firedoglake and Kos, who you might figure as a liberal myself I'd do well at I was banned quickly-I guess it's my style of going to blogs and not being shy about disagreeing with the consensus view. Believe it or not, being a supporter of President Obama is highly controversial in the big liberal blogosphere.
Actually most of them are much less snarky than Scott who is something of an outlier. Lars suggested that I'm a bit harsh on Scott. I'll change my tact when he admits that I'm not over my head reading his blog and that my blog is worth reading as well. He'd score some big points if he drops by and leaves a comment here at Diary! Just saying
However Scott does deserve some credit. Unlike Jane Hamsher over at FDL he hasn't tried to censor me even though no doubt I have often gotten under his skin. I don't do this gratuitously is all I can say. I honestly desire a meeting of the minds whether Sumner realizes it or not.