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I knew it was Krugman just reading the title and domain. It's unfortunate that Paul often chooses to use such a smug, dividing, and patronizing tone. In these t

I knew it was Krugman just reading the title and domain. It's unfortunate that Paul often chooses to use such a smug, dividing, and patronizing tone. In these times we don't need more of that. But it's the usual stereotyping and sensationalizing of "libertarian" argument: "libertarian derp — assertions that fiat currencies, government-issued money without any tangible backing, will collapse any day now." No, that's not the assertion. Or at least it's only one of them and Paul cherry-picked it. Another assertion is that fiat currency and its inflationary aspects are one of the main contributors to income inequality. (Or just go browse https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/ )

gruez 5y ago
>(Or just go browse wtfhappenedin1971.com ) That site's terrible. It's a few dozen charts with no analysis aside from red arrows pointing towards 1970s. There's no thesis or conclusion, but the implication to the reader is clear: the abandonment of the gold standard is responsible for a variety of today's societal woes, from income inequality to obesity. It's tiring to argue against, because of the sheer volume of it (https://en.wikipedia.org/wiki/Gish_gallop https://en.wikipedia.org/wiki/Gish_gallop).
- carlivar 5y ago
  Fair enough. I don't think of it as gospel, but rather a source of things to think about and research further. It would be much better if there was an analysis of each individual graph for sure. Edit: it's also simpler to just focus on the first 5-6 graphs or so, regarding income inequality.
- JKCalhoun 5y ago
  That site reminds me of the Lincoln-Kennedy urban legend. https://en.wikipedia.org/wiki/Lincoln–Kennedy_coincidences_urban_legend https://en.wikipedia.org/wiki/Lincoln–Kennedy_coincidences_u... (When I visited the WTF1971? site again just now, banner ad was trying to get me to buy Bitcoin, LOL.)
mark_l_watson 5y ago
Why is Krugman even still relevant? Was his greatest accomplishment work related or marrying into a very, very wealthy family. Also, it seems like in the crazy world we now enjoy living in, that Libertarians make at least as much sense as Democrats and Republicans.

gruez 5y ago

>(Or just go browse wtfhappenedin1971.com ) That site's terrible. It's a few dozen charts with no analysis aside from red arrows pointing towards 1970s. There's no thesis or conclusion, but the implication to the reader is clear: the abandonment of the gold standard is responsible for a variety of today's societal woes, from income inequality to obesity. It's tiring to argue against, because of the sheer volume of it (https://en.wikipedia.org/wiki/Gish_gallop https://en.wikipedia.org/wiki/Gish_gallop).

carlivar 5y ago
Fair enough. I don't think of it as gospel, but rather a source of things to think about and research further. It would be much better if there was an analysis of each individual graph for sure. Edit: it's also simpler to just focus on the first 5-6 graphs or so, regarding income inequality.
JKCalhoun 5y ago
That site reminds me of the Lincoln-Kennedy urban legend. https://en.wikipedia.org/wiki/Lincoln–Kennedy_coincidences_urban_legend https://en.wikipedia.org/wiki/Lincoln–Kennedy_coincidences_u... (When I visited the WTF1971? site again just now, banner ad was trying to get me to buy Bitcoin, LOL.)

mark_l_watson 5y ago

Why is Krugman even still relevant? Was his greatest accomplishment work related or marrying into a very, very wealthy family. Also, it seems like in the crazy world we now enjoy living in, that Libertarians make at least as much sense as Democrats and Republicans.