According to Krugman:

Yet there hasn’t been a hint of rethinking from leading Republicans; as far as anyone can tell, they still get their monetary ideas from Atlas Shrugged.

Oh, and this is another reminder to the “market monetarists”, who think that they can be good conservatives while advocating aggressive monetary expansion to fight a depressed economy: sorry, but you have no political home. In fact, not only aren’t you making any headway with the politicians, even mainstream conservative economists like Taylor and Feldstein are finding ways to advocate tighter money despite low inflation and high unemployment. And if reality hasn’t dented this dingbat orthodoxy yet, it never will.

So that´s it. No fiscal or monetary stimulus. The ‘battle cry’ is ‘contract, contract, contract!

6 thoughts on “Homeless!

  1. Krugman is right about not having any political home, at least from my point of view. But regurgitating worn out rhetoric, full of contradictions, that I don’t believe and know is wrong, or worse, disastrous to the human condition, isn’t the sorry, principally shameful condition to which I would stoop only to have a sense of belonging, as Krugman, himself, seems to have done. It may be a long way off, but some day in the future, the Koolaid-drinkers will receive their due.

    • Mitt Romney wasn’t a monetarist? He’s economic adviser was Greg Mankiw and Greg had supported NGDP targeting.

  2. No political home? So what? Only in Krugman’s world do have to pick a political party (i.e. Democrat) before you can stake out a position.

  3. Krugman does have a point, in that the Taylors and Friedmans and Meltzers have all veered into tight-money land, despite what they said Japan should do (print more money).

    Romney? I had a slight hope that Romney would embrace something like “a growth monetary policy” if elected, but the problem is he would have to appoint a Fed chief, and get him/her through Congress.

    If Romney had started a war, then the GOP would probably have relented and advocate printing a lot of money….

  4. Ironically, Greenspan got his first political ideas from Atlas Shrugged, and even wrote an article on the Gold Standard in book Ayn Rand edited, Capitalism: The Unkown Ideal. It didn’t seem to hold him back, or stop him developing some ideas of his own.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.