Op-Ed Review

Allan Meltzer wrote an Op-Ed piece for the New York Times titled ‘Inflation Nation’. In it he argues that the Federal Reserve needs to be more careful in avoiding potential inflation of the U.S. Dollar. He maintains that increases in money supply coupled with the devaluation of the dollar could lead to a sharp rise in prices.

I don’t necessarily agree or disagree with him because I’m not smart enough to know whether he’s right or wrong. That’s what’s particularly troubling about this economic crisis; we realize just how helpless we are, how little we understand. These economic problems are beyond our understanding, forcing us to rely on experts to tell us what to do. Which experts do we listen to? Didn't they get us into this mess? Why can’t there just be a consensus solution? It's a lot to deal with.

It bothers me when the average citizen has an opinion on a topic like this. Everyone feels this recession, and they feel they deserve an opinion on how to address it. Fixing our economy however, should be left to the experts. Any idiot can debate moral issues, or political ideology, but having a real opinion on how the Fed should be controlling the money supply, that’s a debate best had by specialists.