A couple of days ago we noted how CNBC host and economist Larry Kudlow has had a pretty big change of heart on monetary policy.
Rather than worrying that Bernanke was destroying the dollar, or that inflation or gold was about to soar, he recognised actually that Bernanke’s efforts have been helpful, and that ultimately an activist Fed that targeted Nominal GDP could be very useful.
As Chris Hayes notes on Twitter, Kudlow’s conversion to this school seems to be complete. Kudlow tweeted following today’s GDP report:
— Larry Kudlow (@larry_kudlow) March 28, 2013
In other words, those who argue for a looser Fed continue to be vindicated by rather tame inflation.
We just have to say, people don’t change their minds on stuff that often, and it’s especially rare when that person is associated with a political ideology. That makes evolving and changing your mind particularly hard.
So Kudlow exploring new avenues is pretty cool, and it should restore your faith in humanity that people’s brains can change when presented with counterevidence.
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