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Krugman’s Candor

On his blog, Paul Krugman writes:

So I’m giving the Robbins lectures in a couple of weeks, which means that I have to actually think a bit.

Ah… it’s refreshing to hear from the source that his columns are as mailed-in as they seem. From today’s column:

First things first. It’s important to realize that there’s no hint of inflationary pressures in the economy right now. Consumer prices are lower now than they were a year ago, and wage increases have stalled in the face of high unemployment. Deflation, not inflation, is the clear and present danger.

From Reuters:

Oil prices jumped around 30 percent this month, the largest monthly rise since March 1999… The dollar hit a five-month low against a basket of other currencies. A weak dollar makes oil cheaper for holders of other currencies and tends to support prices.


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