Monday, July 6, 2015

Kruggers on Greece

The Krugginator has quite a lot to say this morning about Greece, and you should read it all because he understands economics, but this little aside of his is pure gold:
Now, I get interesting mail when I say things like this — much of it along the lines of “I can’t believe that a far-left-wing type like you got a Nobel”. Because a lot of people seem to believe that real economists believe in sound money, preferably gold, and that only socialists believe that there can ever be any advantages to currency depreciation.

Socialists, that is, like Milton Friedman. But of course modern conservatives get their monetary economics from Ayn Rand, not the Chicago School.
Actually, K-dog, you're forgetting the paean of right-wing lunacy, Ludwig von Mises. He (along with his lapdog Rothbard) was a supporter of "sound money" and an enemy of fractional reserve banking.

So right-wing neocons actually do base their 19th-century fantasy fiscal & monetary policies on the writings of "economists", and not just on the sci-fi stories of a bitter Russian bourgeois exile who hated the Bolshies for taking her daddy's money away.

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