Hmm. I was looking at the Thomson Reuters/Jefferies commodity price index, which has been trending down since the spring:There will never be an admission from the political right that they are wrong. Just as the political right plotted and maneuvered during the 1930s to "fix" the ailing Germany politics and economics, the present day right is painting us into a corner. Read Krugman's NY Times op-ed to understand the implications of these failings.
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And I found myself thinking about the hearing last February in which Paul Ryan accused Ben Bernanke of debasing the currency, using rising commodity prices to argue that dangerous inflation lurked just around the corner.
So, will Ryan demand more expansionary policies from the Fed given the sharp fall in commodity prices this year?
Truly, it is amazing how our political landscape continues to be dominated by people who have been wrong about everything for years.
Monday, December 12, 2011
Failure at the Top and Failing to Admit It
Paul Krugman nails the incompetence of the political right with its continued misdiagnosis of the economy and the ever continuing attempt to administer noxious nostrums to "fix" the economy. From his NY Times blog: