Nonsense. A monetary policy predicated upon arbitrary (but politically expedient) injections of fresh paper is entirely sane. Things are good right now, so any deviation from our current policies means that you are either economically ignorant, are insane, hate America, or all of the above. It is almost as silly as questioning the sanity of spending programs which rely upon perpetually accelerating borrowing from friendly nations like China. Why would they ever offload dollars?
Besides, how do you expect the federal government to be responsible for 50% of total national spending without a free hand to debase the currency? "We could never subordinate spending to the stringent requirements of sustaining a commodity-based monetary system."
I am certainly not a trained economist, but my common sense makes me wonder about Greenspan’s stewardship. Is my memory faulty, or wasn’t he encouraging people to get adjustable-rate mortgages?