Here’s some great Goldenfreude from last night’s Larry Kudlow show.
Peter Schiff, the famous gold advocate and hyperinflationista, battled with economics professor Scott Sumner on the issues of inflation (or lack thereof), quantitative easing, and Janet Yellen.
What’s great is that Larry Kudlow started off with a mea culpa about having once been wrong about thinking that QE would cause massive inflation, which is a rare thing in the world today.
Sadly, Schiff offered no such Mea Culpa, instead arguing that we’re already seeing massive inflation (which Kudlow obviously thought was nonsense, at one point telling him to not go on a tangent).
Near the end, when Schiff finally made a point that they all agreed with (that there were too many regulations), Kudlow actually said “Good for you, Peter” in making a point that was solid.
Anyway, we’re happy to see the hyperinflationist stance get clearly marginalized, and for more savvy voices like Scott Sumner (a big advocate of Nominal GDP targeting) get more attention. (via @izakaminska)
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