Dealbook screengrabEarlier we did a post on the phenomenon of “Goldenfreude” which means taking pleasure at the collapse in gold prices.
We asked a bunch of notable names why they thought gold falling inspired such glee.
One of the responses we got was from Paul Krugman, whose answer was pretty solid:
Well, the inflationistas/goldbugs are really, really annoying — all this air of having the secret wisdom when they actually haven’t a clue. And they have been a real destructive factor in policy debate, standing in the way of effective policy by raising fears of Weimar and Zimbabwe. So seeing the one thing they got right — betting on higher gold prices — turn sour is cause for a bit of celebration.