Actually, with Trump trying to put Shelton on the Fed board, this calls for more context, and a trip down memory lane 1/
Back in 2010-11, conservatives were sure of two things: the Fed's efforts to boost the economy would lead to runaway inflation, and Obamacare would lead to massive job destruction. Keynesians declared that neither would happen 2/
The Keynesians were right. There was a brief blip in headline inflation, but core inflation stayed low — and the Fed's view that core is a much better guide was vindicated 3/ 
And steady job growth continued. By the way, see the break after the 2016 election? Neither can I. 4/
OK, economists make bad calls, as I can attest — although I was completely right in these debates. The really telling thing, however, was the reaction of those who got it wrong. None, and I mean none, of them were willing to admit that they got it wrong 5/ bloomberg.com/news/articles/…
And as for asking themselves what was wrong with their economic models — fuggedaboudit. What happened instead was a widespread turn to conspiracy theories: their bad predictions were actually right, but the deep state was covering up the grim reality. Sound familiar? 6/
And we're not talking about marginal figures. Prominent conservatives went all in on claims that the low-inflation Obama expansion was fake news; and some of them, like Shelton, are now being rewarded for their delusions 7/
Oh, and as I've said, pointing out reality led to a lot of hysterical reactions. The point is that monetary policy, like climate change, prefigured Trumpism before Trump 8/
