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OK, for once GOP cynicism has surprised me. I always knew that Republican "deficit hawks" were phonies, that they would suddenly decide that deficits were no problem as soon as we had an R president. But I though the hard-money thing was real 1/ washingtonpost.com/business/2019/…
The reason I thought it was real was that cranky old Fox-watching men are, in fact, natural goldbugs constantly fearing that socialists will inflate away their hard-earned hoards. I get far more hate mail when I write about monetary policy than when I write about politics 2/
But it turns out that bad faith can move mountains: people who wanted to raise interest rates when unemployment was 9 percent want to cut them with unemployment at 3.6%, as long as Trump is in power 3/
This means, among other things, that we need to reinterpret the inflation panic of the Obama years. It wasn't even about bad economics; like the shrieking about debt, it was about sabotaging a Democratic president. 4/
