“Transitory” inflation is on its way

I don’t know what I would do without Paul Krugman and his unerring ability to get things wrong, but bless him, there he is again.

Krugman doesn’t get quite understand any of this, but he does come close. The issue between the classics and the Keynesians over why recessions occur was over whether they were due to structural imbalances or demand deficiency. We live in a world where lack of demand is now the accepted truth which Krugman

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