Some readers may recall the “Peter Schiff was right” campaign of 2009, a sort of public-relations blitz claiming that Schiff, an Austrian-oriented commentator, had foreseen everything correctly. It wasn’t really true even then…
What the heck?! I understand the stuff about inflation since 2008. But how could Krugman say “It wasn’t really true even then”?! If you’ve never seen this, watch:
It’s over-the-top stuff like this that makes it hard to take Krugman seriously when he runs victory laps and accepts Academy Awards on behalf of IS-LM analysis. I would never say, “Nouriel Roubini wasn’t right about his predictions during the housing bubble.” Rather, I HAVE been saying things like, “Roubini saw how bad things were going to be, but I think his recommendations would sow the seeds for an even bigger crisis. Therefore I think his underlying model or worldview is inferior to the Austrian one.”
ONE REQUEST: *Don’t* just say, “Schiff was wrong about the dollar post-2008.” I am admitting that’s a serious charge, and we asked Schiff about that in the newsletter interview. I’m talking about Krugman denying that the “Schiff was right” campaign ever made sense in the first place.