If you're a monetarist and want to control both inflation and unemployment, you need two monetary policy instruments, not just one. Bush is a symptom, not the disease.
As I wrote on the dKos thread, the tragedy of our times is that inflation has now exclusively become 'wage inflation'. Trichet was pilloried for mentioning asset bubbles and not dropping M3. In the long run, we're all dead. John Maynard Keynes
The only thing the ECB acts upon is rasing wages.
That's called lip service...
M3 has been out of target by a factor of around two since the creation of ECB (IIRC).
