All clear, Paul?

Even if you are sure — and be honest my Keynesian and monetarist friends, we are none of us sure — that your “soft money” policy will yield higher real production in aggregate than a hard money stagnation, you will be putting comfortable incumbents into jeopardy they otherwise need not face. Some of that higher return will be distributed to groups of people who are, under the present stability, hungry and eager to work, and there is no guarantee that the gain to the wealthy from excess aggregate return will be greater than the loss derived from a broader sharing of the pie. “Full employment” means ungrateful job receivers have the capacity to make demands that could blunt equity returns. And even if that doesn’t happen, even if the rich do get richer in aggregate, there will be winners and losers among them, each wealthy individual will face risks they otherwise need not have faced. Regression to the mean is a bitch.

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