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Nov 18, 2013

The KrugMan Speaks

Paul Krugman - NYT
Barry Ritholtz reminds us that we’ve just passed the third anniversary of the debasement-and-inflation letter — the one in which a who’s who of right-wing econopundits warned that quantitative easing would have dire consequences. As Ritholtz notes, they were utterly wrong. Also, rereading the letter now, you have to wonder what kind of economic model they had in mind. They asserted that:

"The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment."
So they’d be inflationary without being expansionary? How was that supposed to work? There were a few actual economists in the group; do they subscribe to the doctrine of immaculate inflation?
When you get it wrong, you're supposed to say something along the lines of, "Oops - sorry - my bad", and then you're supposed to shut the fuck up for a while so people who haven't got it wrong can be heard.  That's the way I learned it; I'm pretty sure that's the way most of us learned it; so why do we continue to listen to these Wrongsters, and keep giving them any kind of platform to say wrong things?

Oh yeah - because it's not about getting it right, it's only about getting it "balanced".

Silly me - never mind.

BTW: Immaculate Inflation?  Fuckin' genius is all that is.
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