Maggie, Monetarism, and Me Without Makeup
Claire Berlinski, Ed. ·
Dec 7, 2011 at 1:47pm
So let's imagine that I was asked a really interesting follow-up question on Fox, like the obvious one: "Why were those first two years under Thatcher such a complete disaster? Why didn't it work right away?" I figured you'd all be wondering, so I gave it a shot--after washing all that makeup off.
By the way, I misspoke at about 0.52, I meant to say "corporations," not "banks," but I couldn't be bothered to re-record it.
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Nov '10
Re: Maggie, Monetarism, and Me Without Makeup
There are some bits missing between "they weren't measuring things correctly" and "QED." Can you elaborate a bit?
Re: Maggie, Monetarism, and Me Without Makeup
I elaborate at length in the book, check out the chapter called "The Sledgehammer."
Dec '10
Re: Maggie, Monetarism, and Me Without Makeup
Claire, there was someone I once knew who would always ask me if I liked "this look". I would tell her that I liked her in the make up and out of the make up. I liked her in the evening dress and in the blue jeans. I just liked her. But enough about me, now to money.
The Monetarist Equation is about as complicated as Boyle's Gas Law. You know STP (standard temperature & pressure). That's probably why they call it inflation. You have hit the nail on the head. Defining what is money is the real challenge. I have some thoughts of my own. You are providing me with an opportunity so I may try to write a short essay and put it on the Member Feed. Thanks
By the way you were terrific we need to appreciate the Iron Lady now more then ever.
Sep '10
Re: Maggie, Monetarism, and Me Without Makeup
Soundtrack for that chapter here.
Sep '10
Re: Maggie, Monetarism, and Me Without Makeup
With makeup, Mardi Gras beads; without, hand-crafted, fine jewelry. ... In watching these clips, I'm amazed by how these interviewers get the title wrong, and I'm thinking maybe it has to do with Andrew Sullivan's Why Obama Matters rattling around in their memory. ... Also, I don't know Thatcher at all at all at all, but even I could see that Streep's pose was not at all close to Thatcher's. Streep looks startled, a bit terrified, whereas Thatcher looks calm, firm, clear-headed. I laughed outloud when Varney said Streep got the look exactly right and you said, "The hair." HA! HA!
Dec '10
Re: Maggie, Monetarism, and Me Without Makeup
Yay for the answer and doffing the necklace!
Undecided on the absence of "Fox Hot", as it needs some form of visual transition. I suggest footy pajamas, to set the less formal tone that draws the viewer in for the deep revelation. Perhaps followed by encouraging viewers to hide media peronalities' clothing in the freezer.
Jul '10
Re: Maggie, Monetarism, and Me Without Makeup
I'm going full bore into the Mardi Gras beads market. Way better than Obamadollars.
Re: Maggie, Monetarism, and Me Without Makeup
I'm just cross that they didn't put "Ricochet" on the screen--I make a very big point of asking them to.
Sep '10
Re: Maggie, Monetarism, and Me Without Makeup
They don't want to be accused of "workplace violence" by the White House.
Jul '10
Re: Maggie, Monetarism, and Me Without Makeup
More please.
Jul '10
Re: Maggie, Monetarism, and Me Without Makeup
Um, you need to remix the video. You need Ricochet on the screen of this one.
Oct '10
Re: Maggie, Monetarism, and Me Without Makeup
In the book I also enjoyed your story about Lt. Col. Stanislav Yefgrafovich Petrov.
Mar '11
Re: Maggie, Monetarism, and Me Without Makeup
Quit worrying about the makeup thing. You're easy on the eyes, regardless ;)
Sep '10
Re: Maggie, Monetarism, and Me Without Makeup
That reminds me I have to actually *finish* the book on my Kindle.
Oct '10
Re: Maggie, Monetarism, and Me Without Makeup
This is the classical problem with monetarism. Measuring the money supply over time is virtually impossible. Did the Thatcher people really believe in it? Our own experiment with monetarism in the early 80s was a smokescreen; the Fed wanted to limit the political blowback from the high interest rates needed to kill inflation--no one actually believed in monetarism itself (Paul Volcker and others have admitted as much, and you can even read them discuss it in the 1980/81 FOMC meeting minutes).
This is why Taylor rules were invented.
Edited on Dec 8, 2011 at 12:25amNov '10
Re: Maggie, Monetarism, and Me Without Makeup
Addendum: Purchased.
Re: Maggie, Monetarism, and Me Without Makeup
This is excellent, Claire. I really hate it when interviewers never ask followups to dig into these things.
And makeup is overrated.
Sep '11
Re: Maggie, Monetarism, and Me Without Makeup
Loved the f/u. Will read that chapter also.
P.S. You're even lovelier without makeup.
Mar '11
Re: Maggie, Monetarism, and Me Without Makeup
See... I knew cramming your knowledge into four frequently interrupted minutes drove you crazy.
Re: Maggie, Monetarism, and Me Without Makeup
It's not clear that Thatcher even fully understood it--but the basic concept sounded right to her, and no doubt she truly believed in it.