Ah, to be a Princeton economics professor…
Apparently if you live that life — rather than a writer who has to listen to pundits yap on about BERNANKE IS DEBASING TEH DOLLARZ all day — you can write something like Paul Krugman did:
Wow. I guess I lead an intellectually sheltered life. Until I followed a link from Yves Smith, I had been blissfully unaware that the investment airwaves were full of people yelling that Bernanke is debasing the dollar because the dollar has fallen modestly in recent weeks.
The second link is to our site from last night, when we cited Mike O’Rourke’s contention that no, there’s no evidence that Bernanke is debasing the dollar, just because the euro has rebounded sharply (though is still not even back to where it was when it started the year).
And for those of you who think monetary looseness is the devil, and hard money is god, Krugman whips out this chart, and notes that France was the last country to give up the gold standard during the Great Depression.
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