Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” “The Age of Diminished Expectations” + more.
So, while I was away the case for inflation panic died. Or actually the cases, plural. For these past few months there have been two inflation stories, both crucially requiring a key failure on the part of the Fed. Now we know both stories are wrong 1/
Not saying that Friedman was a bad economist: he was, in fact, a great innovator. But hard now to see him as being remotely in the same league as, to take a nonrandom example, Keynes 7/
Story #1 said that the Fed's intellectual framework — which makes a key distinction between volatile commodity prices and inertial "core" inflation — was all wrong, and that things like soaring lumber prices were harbingers, not transitory shocks 2/
America's response to the coronavirus is the worst in the world, which is shocking and has a lot to do with a leader who is completely unfit, temperamentally and intellectually, for the job 1/
Another thought on Arizona's numbers: AZ, with 7 million people, is reporting as many new cases per day as the European Union, with 446 million.