3 ms·

https://www.nytimes.com/2021/04/16/opinion/economy-inflation-retail-sales.html https://www.nytimes.com/2021/04/16/opinion/economy-inflation... https://www.nyti

https://www.nytimes.com/2021/04/16/opinion/economy-inflation-retail-sales.html https://www.nytimes.com/2021/04/16/opinion/economy-inflation... https://www.nytimes.com/2021/03/22/opinion/us-inflation-stimulus.html https://www.nytimes.com/2021/03/22/opinion/us-inflation-stim... Krugman has been writing and tweeting about it for the last year. You should be aware of that if you read him. Even the libertarian Cato Institute surrendered a year ago: https://www.cato.org/blog/return-inflation-mongers https://www.cato.org/blog/return-inflation-mongers > where it does not belong Except that we had a near decade of hysterics from the right after 2008 about bailout and money supply and hyperinflation just-around-the-corner and a decade of Krugman ranting about them. “It” belongs everywhere and has for decades now. I realize many “libertarians” are frustrated now that Republicans went full metal Keynesian when their guy was in power during Covid. But expecting Krugman of all people to be unbiased non-partisan is bizarre. What drives lbertarians crazy is that Krugman was right all along. He and Paul McCulley called Greenspans bubble, called the hysteria after 2008 what it was and he’s probably right now (if you actually read him, you would know that he has inflation concerns).

bko 5y ago
I don't really care about what Cato said or what "libertarians" say. I'm just concerned about the unprecedented growth of the money supply and the fact that pretty much all financial assets are up 30% above pre-covid levels. 2008 hysteria was about spending, not growth in money supply. Here's the log growth of M2 money supply over the last 20 years. See if you notice anything interesting 2000-01-01 5.30% 2001-01-01 6.13% 2002-01-01 8.41% 2003-01-01 5.69% 2004-01-01 3.94% 2005-01-01 4.94% 2006-01-01 4.43% 2007-01-01 5.21% 2008-01-01 5.20% 2009-01-01 8.65% 2010-01-01 1.84% 2011-01-01 3.64% 2012-01-01 9.12% 2013-01-01 6.79% 2014-01-01 5.44% 2015-01-01 5.02% 2016-01-01 4.93% 2017-01-01 5.71% 2018-01-01 3.75% 2019-01-01 3.72% 2020-01-01 6.16% 2021-01-01 22.51%

bko 5y ago

I don't really care about what Cato said or what "libertarians" say. I'm just concerned about the unprecedented growth of the money supply and the fact that pretty much all financial assets are up 30% above pre-covid levels. 2008 hysteria was about spending, not growth in money supply. Here's the log growth of M2 money supply over the last 20 years. See if you notice anything interesting 2000-01-01 5.30% 2001-01-01 6.13% 2002-01-01 8.41% 2003-01-01 5.69% 2004-01-01 3.94% 2005-01-01 4.94% 2006-01-01 4.43% 2007-01-01 5.21% 2008-01-01 5.20% 2009-01-01 8.65% 2010-01-01 1.84% 2011-01-01 3.64% 2012-01-01 9.12% 2013-01-01 6.79% 2014-01-01 5.44% 2015-01-01 5.02% 2016-01-01 4.93% 2017-01-01 5.71% 2018-01-01 3.75% 2019-01-01 3.72% 2020-01-01 6.16% 2021-01-01 22.51%