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2c: 1. yes, inflation has spiked first due to stimulus and now to supply chain disruption, also triggered by the pandemic changing consumption patterns faster
by asah 5y ago
2c:
1. yes, inflation has spiked first due to stimulus and now to supply chain disruption, also triggered by the pandemic changing consumption patterns faster than suppliers could adapt. These will hopefully subside if COVID doesn't get worse e.g. vaccines/therapies stay ahead of the inevitable new variants.
2. yes, "transitory" is meaningless if it continues long enough. Specifically, the scary part about inflation is when market participants raise prices expecting future inflation, crushing consumers who can't capture higher wages at the same pace. IMHO we're not quite there yet, and prices are tumbling when supply-demand has returned to equilibrium, e.g. lumber.
3. anybody who pontificates as much as Krugman is bound to make lots of mistakes. IMHO the issue is with the publisher's need to create exciting headlines, i.e. that's on us for listening to newspaper columnists (I've largely stopped). Hit rates go up when you can choose your battles and sit on your hands the rest of the time. Less excusable to me are the guys who can sit on their hands but still put their feet in their mouths, e.g. Dimon, Buffett, etc. One of these days, the masses will wake up and realize that these old emperors aren't wearing clothes. (e.g. look at Buffett's 10 year return...)
kind thoughts welcome.
- ur-whale 5y ago> anybody who pontificates as much as Krugman is bound to make lots of mistakes Krugman does not "pontificate". Krugman has an agenda, which he tries his effing best to implement through his notoriety. He is measurably a complete hack : his prediction track record is worse than flipping a coin, and only time will tell the amount of long term damage politician listening to his delusions will inflict to the country.
- boringg 5y agoWhat is the agenda?
- thowaway1122337 5y agokeeping folks heads buried in the sand
- ur-whale 5y ago> What is the agenda? Krugman is a socialist first and a Keynesian second. His goal is basically a nanny state, the prelude to full-blown socialism and massive loss of individual freedoms. And we're unfortunately almost there.
- boringg 5y agoWe are not even close to that my friend. How does this have any relation to a "Nanny" state, and which individual freedoms are you worried about?
- dragonwriter 5y ago> Krugman is a socialist first and a Keynesian second. Yeah, no. Krugman might be a socialist by the broadest conceivable definition, but only because by that definition Keynesianism can itself be seen as a bourgeois socialism.
- AnimalMuppet 5y agoWell, his column is titled "The Conscience of a Liberal". That's how he identifies himself - as a liberal. Not as an economist, as a liberal. (He's liberal in the pre-woke sense - government should spend more to fix everything.)
- ur-whale 5y ago> He's liberal in the pre-woke sense - government should spend more to fix everything Couldn't have put it better.
- boringg 5y agoYou can a liberal and an economist, they aren't mutually exclusive as you suggest. Economics has many different schools of thought.
- AnimalMuppet 5y agoI don't suggest that they're exclusive. But his column is first and foremost that of a liberal, not that of an economist.
- boringg 5y agoI mean you are reading into the title of the column.
- AnimalMuppet 5y agoI've read enough of the columns that no, I'm pretty sure I'm not.