What Happened to Paul Ryan’s Cries of Dollar Debasement?

Matt O’Brien contends that Paul Ryan has been “spectacularly wrong about inflation, the dollar, and, well, the whole economy the past few years.”

“In 2009, he philosophized that ‘a lot of people would observe that we are right now living in an Ayn Rand novel.’ A year later, he all but accused the Fed of using the printing press to pay our bills when he said its bond-buying ‘looks an awful lot like an attempt to bail out fiscal policy.’ And in 2011, he somberly warned then-Fed Chair Ben Bernanke that ‘there is nothing more insidious that a country can do its citizens than debase its currency.'”

“It was a weird thing to be worrying about. Inflation was just 1.7 percent when Ryan brought up dollar debasement. It’s 1.2 percent now. And, as you can see below, rather than being debased, debauched or otherwise devalued, the dollar is actually up 13 percent against a broad index of currencies over this time.”

Dollar Index

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