http://www.nytimes.com/2011/02/07/opinion/07krugman.html?partner=rssnyt&emc=rss
Advocates of tight money such as myself have long argued that loose monetary policy by the Fed would drive the price of international commodities much higher for Americans. I wish I could claim some brilliance for this insight, but it is as obvious as it is simple: if you print pieces of green paper with no intrinsic value, the value of each piece of paper goes down, raising prices for Americans.
And, this has occured. As much as Krugman likes to pretend that inflation is tame, the price of all commodities, including oil, gold, and most recently, food, has surged. Krugman's policies have again made Americans poorer. But, according to Krugman, he isn't to blame, because high commodity prices have been caused not by loose monetary policy but GLOBAL WARMING.
Krugman, desparately seeking to explain away yet another failure of Keynesian policies, is now blaming global warming for the economic fallout of his policies. I've said it before, and I'll say it again: with Krugman, whether its the Great Depression, Japan, or Obama, you get excuses, not results.
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