The perpetrators of the Great Inflation Derp of 2010-2011 want you to know they have not revised their beliefs: http://t.co/TVpp3QCMur
— Noah Smith (@Noahpinion) October 2, 2014
Professor Krugman, on the same story, “Knaves, Fools, and Quantitative Easing“:
When the going gets tough, the people losing the argument start whining about civility. I often find myself attacked as someone who believes that anyone with a different opinion is a fool or a knave; as I’ve tried to explain, however, that’s mainly selection bias. I don’t spend much time on areas where reasonable people can disagree, because there are so many important issues where one side really is completely unreasonable.
Relatedly, obviously someone can disagree with my side and still be a good person. On the other hand, there are a lot of bad people engaged in economic debate — and I don’t mean that they’re wrong, I mean that they argue in bad faith.
Which brings us to today’s installment of oh-yes-they’re-that-bad, courtesy of Bloomberg. You may remember the infamous open letter to Ben Bernanke warning that his efforts to boost the economy “risk currency debasement and inflation”; just in case you wondered about the political nature of the letter, among the signatories was that noted monetary expert William Kristol.
So Bloomberg had the bright idea, now that almost four years of low inflation have passed, of asking the signatories whether they would concede that they were wrong. Not a chance. Hey, they only said there was a “risk” of inflation, and the economy hasn’t done well, so it’s all good!
Just to say the obvious: if inflation had in fact risen, they would have claimed vindication. So it’s heads they win, tails they don’t lose…
Apart from applauding the calling out of idiots, what’s on the agenda for the evening?