Two events took place last week that would have been inconceivable a year ago. First, on February 20, Ron Paul won CPAC's straw poll for the Republican Party's nominee for President of the United States in 2012. CPAC is the Conservative Political Action Conference. He routed Mitt Romney: 31% to 22%. Sarah Palin did far worse: 7%.

Second, Charles Plosser gave a speech hostile to Federal Reserve policy. Plosser is the President of the Federal Reserve Bank of Philadelphia. He went public with his concerns. He delivered a speech to the World Affairs Council of Philadelphia on February 17. The WAC has chapters in major cities. It is an important outlet for people in high positions inside the Establishment. His speech is here.