*More on Krugman, just in from /The Mogambo Guru/* <http://dailyreckoning.com/let-them-inflate/>. Excerpt:
"08/17/09 I think that Paul Krugman is one of those absurd guys that has no idea what in the hell he is talking about and who owes his undeserved prominence to being a real butt-kissing sucker-upper to Alan Greenspan and his Federal Reserve, and now he's doing the same thing to the laughable Ben Bernanke and his disastrous Federal Reserve, although I will admit that I don't know why anybody listens to this guy.
I say this with such obvious disrespect because Mr. Krugman is on record has having advised the Bank of Japan to purposely cause inflation, as, "The way to make monetary policy effective is for the central bank to credibly promise to be irresponsible -- to make a persuasive case that it will permit inflation to occur, thereby producing the negative real interest rates the economy needs", although he never actually says where he is going to find guys stupid enough to loan money at negative interest rates, or in what bizarre alternate universe he lives where high inflation in consumer prices, particularly sustained high inflation, is anything other than a total disaster, which is why most of economics is concerned with the problem of preventing inflation while fostering growth!
In fact, he thinks that a central bank trying to reflate a collapsing economy should announce a deliberate plan to raise the level of prices (such as the Consumer Price Index) from current low levels to some dramatically higher value (a so-called "price-level gap") that it would have theoretically reached if a "moderate" and constant amount of inflation in prices had, in fact, occurred! Gaaahhhh!
To make it more Theater of the Absurd, he then says to keep creating more inflation in prices! Gaaahhhh! This is insane! This is beyond insane! This would be bad enough coming from just another egghead academic dork from Princeton, but a terrifying quote from Ben Bernanke, chairman of the Federal Reserve, shows that he agrees with this with nonsense!..." */Read all here <http://dailyreckoning.com/let-them-inflate/>
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