Paul Krugman mocks conservative inflation truthers [View all]

[DonViejo]

The New York Times columnist's take on whether right-wing economists will ever learn: "Hahahahaha"

ELIAS ISQUITH

In his latest column for the New York Times, award-winning economist and popular liberal pundit Paul Krugman argues that no amount of evidence will ever make inflation-obsessed conservative economists come to their senses, mainly because their opposition to aggressive monetary policy is based on an ideological opposition to government rather than facts.

“Needless to say, it’s not the first time a politically appealing economic doctrine has been proved wrong by events,” Krugman writes in reference to the low interest rates and levels of inflation that have defined the recovery-era economy, despite conservative warnings that government action to save the economy would cause financial ruin.

“So those who got it wrong went back to the drawing board, right?” Krugman jokes. “Hahahahaha.”

The reason he laughs, Krugman writes, is because “money is indeed a kind of theological issue” for conservatives, even if the uninitiated would think it more a “technical” matter. “Many on the right are hostile to any kind of government activism, seeing it as the thin edge of the wedge,” Krugman writes, “if you concede that the Fed can sometimes help the economy by creating “fiat money,” the next thing you know liberals will confiscate your wealth and give it to the 47 percent.”

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http://www.salon.com/2014/07/07/paul_krugman_mocks_conservative_inflation_truthers/