Krugman's Harshest Post Yet

[TrollBuster9090]

49. He's right, Grand Nagus Greenspan was a double agent for the dumbass Austrian Economics crackpots.

I remember when everybody was mystified by the fact that Alan Greenspan, an avowed OBJECTIVIST, and follower of the Ayn Rand Cult of gold-hoarding deregulators would volunteer to be Chairman of the Federal Reserve. An institution whose usefullness is rooted in Keynesian Economics. Easy! The shriveled old son of a bitch was a double agent!

Greenspan LOOSENED the supply of money when the economy was booming, and actually pumped air into the dot com bubble, AND the prime mortgage bubble. Then when both bubbles exploded, and the economy crashed, his successor Ben Bernanke was left with almost no room to maneuver. He lowered interest rates from 2% to 1%, and when nothing happened, everybody said "look, monetarism doesn't work, and Keynesianism is a failure! So let's all go back to the 'good old days' (as we imagine them to be) of 1850 when we didn't HAVE boom/bust business cycles. (Or so it says on Llew Rockwell's web blog.)"

Well, I have a headline for Ben Bernanke: You'd better get off your ass and DO something to help the Economy, because if Obama loses the election, his opponents are going to do one of two things. Either take political control of the Fed at best, or crush it under a pile of copies of 'Economics in One Lesson' by Henry Hazlitt at worst. And believe me, suffocating under a pile of garbage is not a pleasant way to die.



Former Fed Chairman Alan Greenspan (not exactly as shown)