John Tamny, managing editor of RealClearMarkets and a Forbes contributor, published a column on August 9, 2026, declaring that "monetary accommodation" does not exist as a valid concept. The piece opens with a sweeping claim: Milton Friedman's monetarism never rejected Keynesianism so much as it mirrored it.
The argument rests on a long-standing critique of central banking's presumed leverage. In a podcast appearance earlier this month, Tamny described the Federal Reserve as having "no real power over growth or interest rates for startups," asserting that true credit always finds talent regardless of central bank policy. He defines real inflation not as an excess of money but as a deliberate devaluation of the currency by policy choice, pointing to the 1971 delinking of the dollar from gold as the definitive example.
Tamny's recent LinkedIn posts sharpen the same themes. On August 3, he wrote that both Kevin Warsh and Christopher Waller are "incorrect, at least publicly," criticizing Waller's faith in Fed task forces and Warsh's attachment to the "Greenspan myth" of inscrutability. A July 27 post went further: "central plans always fail," and markets would "run over attempts to control so-called 'money supply' with ease." He also dismissed the idea that abolishing the Fed would dramatically change outcomes, noting the U.S. economy has boomed persistently regardless of the central bank's actions.