I think we can expect Paul Krugman to go on the offensive against Ron Paul, as he perceives Rep. Paul to be a threat to everything Keynesians believe. In today's NYT column, Krugman declares Rep. Paul to be someone who is a promoter of "zombie economics," and this time purposely leaving out the context of a Ron Paul quote.
When historians look back at 2008-10, what will puzzle them most, I believe, is the strange triumph of failed ideas. Free-market fundamentalists have been wrong about everything — yet they now dominate the political scene more thoroughly than ever.
How did that happen? How, after runaway banks brought the economy to its knees, did we end up with Ron Paul, who says “I don’t think we need regulators,” about to take over a key House panel overseeing the Fed? (Emphasis mine)
I think it is important to note that in his attacks on Rep. Paul over the weekend, Krugman at least provided the link to the Wall Street Journal article in which clear the congressman believes a free market that does not have the government-created moral hazard as we now have would effectively regulate the financial houses. In other words, there is a context to what Rep. Paul said that Krugman purposely leaves out.
Contrast that with Krugman's recent comment on national television that he favored "death panels" for healthcare. This is after he attacked other people for even claiming that government medical care even would have them. Of course, after the firestorm that followed, Krugman quickly tried to put his comments into context, or what he said was context.
You see, context is fine for Krugman, but not for others, especially when Krugman is trying to smear them as he does (and will continue to do) to Ron Paul. As F. Scott Fitzgerald once wrote, "Character is fate."