Presidential hopeful Gov. Rick Perry, R-Texas, forcefully expressed his opposition to the Federal Reserve increasing the supply of money, but National Review‘s Ramesh Ponnuru suggests that the Fed has failed to expand the money supply fast enough to keep up with rising demand for cash.

Contrary to popular belief, Ponnuru argues that the money supply is tight, despite the quantitative easing measures already undertaken, because people and banks increasingly have hesitated to spend or invest their money.