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Source link: http://blog.mises.org/5762/what-she-said/

What She Said

October 17, 2006 by

Bloomberg columnist Caroline Baum has been writing about financial markets for over twenty years. Cyd Malone’s discovery of her column made the life of a Wall Street professional of an “Austrian” bent a little bit brighter, hoping that maybe all hope is not lost. “Unlike far too many of her contemporaries, Ms. Baum’s writings on economic issues cause me to laugh only when she means me to. When last year Bloomberg Press gave us a collection of her columns, entitled Just What I Said, off to Ebay I went.”
FULL ARTICLE

{ 4 comments }

jl October 17, 2006 at 9:56 am

Speaking of Ms. Baum’s understanding of money, I see this from her column on 9/27:

As long as there is a central bank that sets the rate at which banks borrow from and lend to one another to meet mandatory reserve requirements or satisfy funding needs — as long as the central bank creates money out of thin air — long-term interest rates can’t do the Fed’s work.

…

When the market figures out how to print money, then maybe one could talk about outsourcing the Fed’s main function. Until that time, it’s just silly talk.

I think she needs to figure out what she means by the market “printing money.”

Ike Hall October 17, 2006 at 10:18 am

Sounds like she could use an invite to the next Mises University, or at least a copy of Jesus Huerta de Soto’s Money, Bank Credit and Economic Cycles.

M E Hoffer October 17, 2006 at 1:46 pm

Here’s betting that if Ms. Baum explicitly rejected the FedRes, her employment would be similiarly rejected.

Seriously, can anyone, in the U.S., remember the last time they saw the MSM call the FedRes into question?

Further, who among us has even heard such questioning within the “halls of academe”?

Dennis Sperduto October 17, 2006 at 2:38 pm

Ms. Baum’s views regarding money, banking, and credit illustrate what is perhaps (with the possible exception of methodology) the most significant factor differentiating Austrian School economists from other market-oriented economists. Without providing plausible and acceptable justification, many otherwise reasonably knowledgeable economists believe that money and credit must be regulated (I would say manipulated and distorted) by the government.

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