Magazine April 4, 2011, Issue

Not Enough Money

(SARINYAPINNGAM/iStock/Getty Images Plus)
Why QE2 worked

‘To economists reading this essay in 2010, perhaps the most remarkable single fact to note about monetary policy at the end of the interwar period” — the author, Columbia University economist Charles Calomiris, is of course also talking about the end of the Great Depression — “is that its architects were, for the most part, quite pleased with themselves. Far from learning about the errors of their ways during the interwar period, Fed officials congratulated themselves on having adhered to appropriate principles, and to the extent that they were self-critical, it was because they thought that they had been too

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Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

In This Issue

Articles

Politics & Policy

From TV Star to Twitter Twit

Assemble any group of entertainment-industry executives — doesn’t matter who or how many — and eventually the conversation turns to the Internet. The value of any entertainment product — television show, ...

Features

Politics & Policy

Not Enough Money

‘To economists reading this essay in 2010, perhaps the most remarkable single fact to note about monetary policy at the end of the interwar period” — the author, Columbia University ...

Books, Arts & Manners

Politics & Policy

Border Control

The makers of alien-invasion movies tend to have a low opinion of human military prowess. Sometimes the space invaders are so completely invincible that our only options are to heed ...
City Desk

Distant Harmonies

The concert hall at the museum is folded into its Egyptian wing. To reach it you must pass huge stone cats and bas-reliefs of peasants harvesting and fishing. Maimed statues ...

Sections

Athwart

Ban Ki Moon and Stars

You know what we need from Hollywood? More depressing movies about trendy causes, injected with plotlines designed to make you sad about driving your car and eating meat. So says ...
Politics & Policy

Poetry

LAMENT The mole was dead upon the ground; He did not move when he was poked. His coat was sleek, his body round, His life revoked. His parts seemed not to coincide: His hands were stuck ...
Happy Warrior

Earthquake Demographic

‘Why is there no looting in Japan?” wondered a headline in the Daily Telegraph. So did a lot of other folks. Various answers were posited: The Japanese are a highly civilized people ...
Politics & Policy

Letters

How Efficient Is High-Speed Rail? I am disappointed that National Review has again (in “The Week,” March 7) dismissed high-speed rail as a “niche market” item. And, although the statistics in ...
Politics & Policy

The Week

‐ At least we agree: We wish he were president of China too. ‐ “Thou turnest man to destruction. . . . Thou carriest them away as with a flood.” The ...
The Bent Pin

Pagan Jane

I am just now recovering from my annual battle of the clashing outlooks. It takes place around my birthday, which, by a sardonic twist of Fate, falls in the same ...

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