From Prof Mark Freeman.
Sir, While James Mackintosh (The Short View, December 14) is correct to link current US Federal Reserve policy with the story of The Wizard of Oz, he somewhat confuses the details.
The Wicked Witch of the East is, of course, not deflation but Grover Cleveland, or more generally, financial interests in the US during the debate on relaxing the gold standard during the late 1890s. The Tin Man, by contrast, represents the working man.
See Hugh Rockoff’s fantastic piece on “The Wizard of Oz’ as a Monetary Allegory” in the Journal of Political Economy in 1990.
Professor of Finance,
Bradford University School of Management,
Bradford, West Yorks, UK