From the Grave, Hayek Slaps Krugman

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In his vicious
attempt to put a straight jacket around Ron Paul, Paul Krugman implies
that Ron Paul believes that the monetary base is the money supply,
and the one and only money supply, and that Congressman Paul believes
that there is a very hard correlation between the monetary base
and inflation. I provide the video below of Nobel Laureate Hayek,
for all practical purposes, bitch slapping Nobel Laureate Krugman
for these comments.

The video is
of Hayek discussing Milton Friedman, but what should be noted is
that it is Hayek promoting the idea of competing currencies, a concept
that Congressman Paul has adopted and mentions frequently during
interviews. Congressman Paul clearly respects Hayek’s thinking.

On page 51
of End
the Fed
, Congressman Paul writes:

I had the
pleasure of hearing Hayek lecture in Washington, D.C., around
1980. Following that meeting, we had a private dinner together
and spent several hours visiting. This dinner, which I remember
well, further solidified my interest and confidence in Austrian
economics.

When Krugman
writes:

It’s
kind of terrifying, in a way, to realize that the politically
dominant faction in America right now has a view of money, what
it is, and how it works that hasn’t been true since the early
19th century, if it ever was.

Read
the rest of the article

December
24, 2010

2010
Economic Policy Journal

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