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The DoJ's antitrust lawsuit against #Google triggered an avalanche of pearl-clutching editorials from establishment lawyers and economists who argue that such a move is both counterproductive and legally incoherent. 1/ 
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/02/13/the… 2/
pluralistic.net/2023/02/13/the… 2/
These Very Bad Takes are only to be expected, since they emanate from ideologues who volunteered to serve as Renfields for vampiric monopolists. 3/
** Is it my fault that my head is wet? 🌧️
A strong recovery, fiscal stimulus, supply bottlenecks, Russia's invasion, energy crisis. Surely they are the causes for why inflation is high? Therefore, it is not the central banks’ fault!
Yes but no 🧵
A strong recovery, fiscal stimulus, supply bottlenecks, Russia's invasion, energy crisis. Surely they are the causes for why inflation is high? Therefore, it is not the central banks’ fault!
Yes but no 🧵
If it suddenly starts raining, and my head gets soaking wet, it was the rain that caused it. Not my fault?
Well, it turns out I had an umbrella ☔️. I chose not to open it. Even if I did it for good reasons, and even if the umbrella wasn't perfect, it is my fault I got so wet.
Well, it turns out I had an umbrella ☔️. I chose not to open it. Even if I did it for good reasons, and even if the umbrella wasn't perfect, it is my fault I got so wet.
Lots of shocks hit the economy all the time. Inflation targeting is all about using monetary policy to offset them. That is imperfect, so even the best/luckiest CBs will end up with 1-3%, or argue 5% one-off is best. But 7-9% for more than a year is (almost always) their fault.
