Hoo boy. Apparently, the Cato institute is actually trying to resurrect monetarism. Not "keep inflation down" monetarism, but "let's get rid of the Federal Reserve and set an explicit inflation rate" monetarism.
Now, I'm not exactly an economist, but isn't this the kind of thing that was totally discredited by its complete failure in Britain? The kind of thing that real economists use as the butt of cheap jokes? What kind of ivory tower do you have to live in to think that some random corporation is going to do a better job of managing the money supply than a non-profit totally independent body like the Federal Reserve, especially nowadays? Goofy arguments aside (and I love how he chose his statistical windows to over-emphasize the effects of floating the dollar- nice touch), it's just silly on its face.
And people wonder why I can't take anything written by Cato seriously.
(Courtesy of Jason McCullough, who also thought this guy was huffing airplane glue.)