All the world's right-thinkers are denouncing Rick Perry for suggesting this week that Texans would get "pretty ugly" with Federal Reserve Chairman Ben Bernanke if he guns the money supply any more between now and the 2012 election. His poor choice of words aside, the Texas Governor is right to put monetary policy front and center in the 2012 Presidential debate.

Let's stipulate that Mr. Perry, in his first week on the Presidential stump, was wrong to use the words "almost treacherous, treasonous" in referring to Mr. Bernanke....