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More likely they've been reading Martin Wolf, Wolfgang Münchau or any of a number of German economists who are not insane.

Insanity being an apparent requirement for employment as an economist in the German government or Bundesbank...

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Wed Jan 26th, 2011 at 04:44:15 AM EST
[ Parent ]
are these insane ones the ones Marshall Auerback calls the 'hard money' crowd?

why is that term used?

TIA

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Wed Jan 26th, 2011 at 08:47:07 AM EST
[ Parent ]
They're called the "hard money crowd" because they fancy themselves to be proponents of "solid" or "sound" money - that is, low inflation.

Less charitably, they could be called the "hard money crowd" because they are in favour of pretending that their domestic currency is a hard currency.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Jan 26th, 2011 at 02:50:54 PM EST
[ Parent ]
You can also call them Austrians.

They definitely behave like gold bugs, their gold being the Deutsche Mark.

In their futile attempt to preserve their net worth in a deleveraging, they kill the economy and their own net worth with it.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Wed Jan 26th, 2011 at 04:10:09 PM EST
[ Parent ]
And as we've entered a Dark Age of Macroeconomics(tm) they probably haven't even heard of the Paradox of Thrift...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Jan 27th, 2011 at 08:14:53 PM EST
[ Parent ]

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