Irwin Schiff once wrote that inflation is the only “arrow” in the Keynesian policy “quiver.” Paul Krugman seems to be proving that, and in my recent post on Krugman-in-Wonderland, I note that he always endorses inflation in the end. (Krugman fails to explain why the U.S. devaluation of the dollar in the early 1970s didn’t work an economic miracle.)
Source link: http://archive.mises.org/14800/paul-krugman-inflation-uber-alles/
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Oh, we know his answer to the 1970s – Animal Spirits. Those silly people were just being stubborn and not turning themselves more prosperous with every new Dollar printed into existence. If they would have just gotten with the program, Keynesian inflation would have turned us into a utopia.
It is obvious that Krugman is 100% correct here.
How do you think Zimbabwe became the economic superpower she is?
Right? Right?
Wow, talk about sad irony. Irwin Schiff, an excellent economist and a forthright gentleman is languishing in prison–for 13 years!!!–because he had the courage to oppose and resist the federal income tax and induce others to do the same, while Krugman, who should be jailed (er…or at least drummed out of the business) for practicing deceptive economics and outright lying is given a igNobel prize.
Incredible! This blog looks just like my old one! It’s on a totally different topic but it has pretty much the same layout and design. Excellent choice of colors!
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