Wednesday, October 9, 2013

Drudge Mocks Keynesian Money Printing Theory

Matt Drudge has this headline up at his site, which I'm reading as a correctly done mocking of Keynesian/Chicago School/YaleSchool theory that money printing creates jobs:
'Rejoice: the Yellen Fed will print money forever to create jobs'...
Note:  Fed chair nominee Janet Yellen is from the Keyesian/Yale school. Mainstream economic journalist, David Warsh has written:
If there’s a criticism of Yellen, other than looking like a kindly grandmother, it has to do with her identity as a product of the somewhat amorphous “Yale school” of macroeconomics. (See David Colander’s interviews in Inside the Economist’s Mind for background)   A proud tradition associated with influential figures of the 1960s such as Arthur Okun, Henry Wallich and James Tobin (the Nobel laureate  whose student and collaborator Yellen was), Yale macro today also includes Robert Shiller, William Nordhaus, Ray Fair and [Lael] Brainard. 
Translation: Super-confused Keynesianism.


  1. I think Drudge is mocking money printing, but unsurprisingly, the headline is that of an Ambrose Evans-Pritchard piece praising Yellen to the high heavens as our savior.

  2. "Translation: Super-confused Keynesianism."

    Yup. Plain and simple. Just one Keynesian moron to go along with the rest, and all with an advanced degree. A degree in ignorance. Too bad her education was a waste.

  3. How wrong has Bernanke been......Central planners never admit a mistake even when they know they are wrong. Hat tip to the Bernake, he even mentioned Krugman in his paper