Rep. Randy Neugebauer published in op/ed in the Washington Times today. Please see the following excerpt of "Printing Press Prosperity":
As a member of Congress, I know firsthand how dangerous it would be to give us the opportunity to "paper over" our complete lack of fiscal discipline, a practice also known as "quantitative easing."
However, recent comments by some of the world's leading economists, including Paul Krugman, Kenneth Rogoff and, of course, Federal Reserve Chairman Ben S. Bernanke encouraging a policy of inflation targeting leave me concerned. These policies, which could result in an expansion of our monetary base by 400 percent to 700 percent from its 2008 level, have me wondering whether Congress needs to protect the Fed from itself.
The term "inflation targeting" sounds deceptively benign, like "quantitative easing." While printing money sounds offensive to most Americans, quantitative easing sounds like a spa treatment. Inflation targeting does not sound as vulgar as "We are going to print money indiscriminately until inflation reaches a target level, no matter how much it takes."