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Krugman, almost alone, said that demonstrably increasing the money supply would not lead to inflation in the face of a liquidity trap. Nearly all economists from the Chicago and Austrian schools screamed "HYPERINFLATION JUST AROUND THE CORNER!"

Didn't happen.

Krugman, almost alone, said that the increased cost of living in 2010 was the result of a short squeeze in commodity markets, not the sign of incipient inflation. Nearly everyone in the rest of the world screamed "SEE? INFLATION JUST AHEAD!" Then commodity markets relaxed inflation?

Didn't happen.

Krugman, almost alone, said that austerity planning by European governments would lead not to "increased confidence", as so many counseled, but to more reductions in employment, leading to more reductions in tax collection, leading to even more calls for austerity.

Which is exactly what happened.

But why should I be surprised that the hysterical right has decided to refuse to listen to anyone who disagrees with them? They decided that the media was too liberal, so they retreated into right wing talk shows and news services that only tell them what they already want to hear. They only read their own newspapers, and send e-mails to all their friends making up all sorts of things that aren't true, and convince themselves how awful everything is, then post on message boards populated by people who closed their minds two decades ago.

Sure. Nobody listens to Krugman. Meanwhile European governments have decided that their austerity programmes might not have been such a good idea, inflation is small, we have three years of continuing job growth, a financial sector that's still in business and an automotive sector that's still employing hundreds of thousands of American workers.

Ignore Krugman! Vote for Romney, and bring back the policies of George W Bush that worked so well only a few years ago!
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