BREAKING NEWS – New York City, New York – The New York Times opinion columnist Paul Krugman published a mea culpa in column form, flat out admitting he was wrong for thinking inflation wouldn’t be that bad.
In his piece, titled, “I Was Wrong About Inflation,” the economics professor noted that he was on “Team Relaxed” when it came to fears of inflation and acknowledged that was a “very bad call.”
“Some warned that the package would be dangerously inflationary; others were fairly relaxed. I was Team Relaxed. As it turned out, of course, that was a very bad call,” he confessed. “However, if anyone was dumb enough to make financial decisions based on what I alleged was accurate, without considering my well established irrational biases, deserves to be in bankruptcy court, and walk away with nothing!”