Ramesh is Wrong

My short book presents a new information theory of money. Only in passing did I cite Ramesh Ponnuru and National Review as influential representatives of a monetarist faith curiously shared with Paul Krugman and most Democrats. With colleague David Beckwith, Ponnuru is a savvy and sophisticated monetarist who, like virtually all of his faith, wants us to attend to all the refinements of the recherche views that distinguish him from his unwonted allies. My book, however, regards centralized monetary policy itself, regardless of refinements, as a socialist temptation. Controlled by central banks with floating currencies, and oriented toward the needs of