The Atlantic’s Matthew O’Brien takes down another Shlaes column arguing that Bernanke is violating Milton Friedman’s precepts by printing money to combat deflation:

For example, Bloomberg View’s Amity Shlaes argues that Friedman would counsel Bernanke not to combat deflation and depression today. Actually, she goes further, claiming that Bernanke has essentially betrayed Friedman’s legacy by embarking on quantitative easing. This is like saying that Paul Krugman has betrayed Keynes’ legacy by advocating gobs of government spending.

And O’Brien shows that Friedman argued that Japan should embark on the very same securities purchases Bernanke has.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.