Allan Meltzer was one of the founding fathers of monetarism and he has always been one of my favourite economists. However, I must admit that that is no longer the case. His commentary over the last couple of years has had very little to do with monetarism. In fact most of Meltzer’s commentary reminds me of “internet Austrianism”. His latest comment in the Wall Street Journal is certainly not better, but it quite well illustrates his transformation from monetarist to crypto-Austrian. In fact I think it is too depressing even to comment on it (or link to it). However, David Glasner has a very good comment on Meltzer. I suggest you all read it.
If you want to read something Meltzer once wrote that really makes a lot of sense I suggest you take a look at this. That to me is the real Meltzer and the Meltzer I will think of when I take down one of his excellent books on monetary theory and history from my bookshelf.