Palinomics

11 November 2010 By James Pethokoukis

With U.S. midterm elections over, it s the season for the next presidential campaign. That may explain why Sarah Palin is suddenly opining on monetary policy and the dollar. Her comments suggest a 2012 campaign could feature critiques of banks and the Fed, as well as of Obama.

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In a Nov. 8 speech, 2008 Republican vicepresidential nominee Sarah Palin attacked the Federal Reserve's latest quantitative easing plan.

And if it doesn't work, what do we do then, Palin told a trade group. Print even more money? What's the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won't be followed by QE3, 4, and 5, until eventually inevitably no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort? All this pump priming will come at a serious price. … We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings.

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