Ah. Remembering trying to make American economic policy more sane back in the early 2010s frown those who weren't thinking clearly, or were thinking that it was time to make their political bones. I don't understand why we haven't gotten any mea culpas. But we have not. And at this stage I do not think that we will:
Paul Krugman: The Sabotage Years: "Republicans were up in arms, warning that the Fed’s policies would lead to runaway inflation. A Congressman named Mike Pence introduced a bill that would prohibit the Fed from even considering the state of the labor market in its actions. A who’s who of Republicans signed an open letter to Ben Bernanke demanding that he stop his monetary efforts, which they claimed would 'risk currency debasement and inflation'. And supposedly respectable Republicans engaged in conspiracy theorizing, suggesting that the Fed was secretly in league with the Obama administration. Paul Ryan and the economist John Taylor declared that the Fed’s policy 'looks an awful lot like an attempt to bail out fiscal policy, and such attempts call the Fed’s independence into question'. Of course, all these warnings were totally wrong...
#noted
