One such talking head, Paul Krugman, was insistent that everything would work out fine in the end. He now admits that he was "wrong about inflation," which we know is being driven in part by the Federal Reserve's nonstop money-printing schemes.
"Some warned that the package would be dangerously inflationary; others were fairly relaxed," Krugman wrote in The New York Times. "I was Team Relaxed. As it turned out, of course, that was a very bad call."
In admitting that he was wrong, however, Krugman failed to explain why others who opposed him were right. He never once mentioned the Fed, nor did he acknowledge the printing of trillions of dollars of new fiat money (Related: Remember when the Federal Reserve's payment system crashed due to an "operational error?").
"An intellectually honest treatment of the topic would at least mention the money-supply argument and then make a case why it wasn't validated," reported Zero Hedge.
"Instead, Krugman uses his 500-word allowance to imagine a 2021 debate limited to the cool kids in the Keynesian tree-fort – and to explain how, even though he was wrong, he was actually kinda right too."
In admitting he was wrong about some things, Krugman still seems to think that he was right about many other things, including his incorrect understanding of what is driving inflation.
In Krugman's view, "much, although not all, of the inflation surge seems to reflect disruptions associated with the pandemic."
"[N]obody really thought about logistics, supply chains or any of that stuff until suddenly it became a big problem," he claims.
Hilariously, he also claims that inflation will not last forever because consumers are expecting it to end – so at some point it will magically end, he insists.
"Nobody saw Putin invading Ukraine," he further told MSNBC's Mika Brzezinski, of course blaming Russia's "special operation" in Ukraine for American inflation, which was increasing long before the invasion.
"I think nobody thought about logistic supply chains or any of that stuff until suddenly it became a big problem," he added.
"Speaking of money supply growth, it's telling that Krugman tries to confine inflation controversy to the 2021 stimulus package; 2020 had its own multi-trillion-dollar Keynesian bacchanalia fueled by the Fed's money printers ... to say nothing of Quantitative Easing and other Fed follies perpetrated since the Great Recession," the Hedge further reported.
"Of course, when the inflation debate is couched his way, that means Krugman was only wrong for a year and change, rather than forever and always."
As you may recall, Krugman was also very wrong about the internet. He infamously claimed back in the day that the internet would eventually "slow drastically" as "most people have nothing to say to each other."
"By 2005 or so," he added," it will become clear that the internet's impact on the economy has been no greater than the fax machine's."
Has the guy ever been right about anything? The answer appears to be no, but at least he is starting to figure out that he is sometimes wrong, even if he does not fully grasp the extent of his wrongness.
"Krugman is wrong about a whole lot more than inflation," a commenter wrote. "He just won't admit it."
"The fact that moron is a Nobel prize winner pretty much sums up the absurdity of not only the Nobel process, but the World Economic Forum globalist agenda in total," added another.
More related news about the failing global economy can be found at Collapse.news.