Krugman, Following in the Steps of Khrushchev

Posted on February 8, 2011


Bill Anderson points out that in the old days, the Soviet Union used to always blame the weather on crop shortages.  Anderson goes on to show that Paul Krugman is doing much of the same by blaming weather and other factors for the current increase in commodity prices, yet ignoring the money printing going by the Fed as an influence on prices. Writes Anderson:

One of the big ironies here is that during the era of communism, the U.S.S.R. blamed bad weather every year for crop failures. It looks as though Krugman is trying to pick up where Khrushchev, Brezhnev, and Gorby left off.


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