Paul ‘Beard’ Krugman
G.O.P. Monetary Madness
Hey, Old Beard, how are you and the rest of the Beards getting on? I just read your NYTimes essay G.O.P. Monetary Madness. Say, you’re quite a profound thinker. I adore your faith in Keynsian economics although I can’t reconcile the expansion of the money supply with the explosion of the National Debt. What is the relation of the money supply to the National Debt, oh Bearded One?
If the National Debt increases in the proportion of the money supply where is the Keynsian advantage? I mean to call the Debt a debt is rather fatuous. Wherever the money came from for the Debt its gone never to be seen again. So, are the Debt and the increase in money supply synonymous?
It seems ridiculous to call something of which we have no intention or capability of repaying a debt, doesn’t it? More like a gift. Now, Old Beard, how does Keynsian economics deal with gifts?
Oh, Beard, and I like your sleight of statistics:
So here we are, three years later. How’s it going? Inflation has fluctuated, but, at the end of the day, consumer prices have risen just 4.5 percent meaning an average annual inflation rate of only 1.5 percent.
I don’t know at the end of which day you’ve pegged your figures but, and this only anecdotal I know, three years ago I was paying 450.00 a month for groceries while at the end of the last day of last month I paid 700.00. 1.5%?
Use Keynsian arithmetic, you’ll say, no doubt.
Well enough food for thought for you for now, Old Beard. I’m sure you can explain why you Beards are sane and the GOP is mad. Let’s hear it.
Remember Masada, Beard, let’s make it a national holiday to replace Chanukkkah. There’s possibilities there, Beard.