Yer scratching the surface Terrence. Like starting out with Krugman as somebody to be listened to if not believed. Perhaps he's someone to listen to after one has recovered from a violent bout of nausea.  Brilliant? the man who with Bernanke has been SO CONSISTENTLY WRONG in the past few years? When our scholar/researchers CALLED ALMOST EVERYTHING RIGHT?

Hoo boy. Well, from here your piece would be like many progressive rage pieces flying around all the sudden. Except for the tidbit about fudged inflationary figures and possible hyperinflation. Which in context seems rather random.Of course to students of monetary policy, almost everything is derivative. No pun intended.

 I hate to say it but monetary policy has never been the left's stock and trade. Money just sort of exists in other people's pockets. You never gave much thought as to who was actually CREATING it and how it effects your world. In essence, it's pretty simple.

That's why they gave Krugman the Nobel prize. Not because he's smart, he's not, he's just another lout, but because they have to convince you that it's all so complicated you need a bunch of pompous little shills from Princeton and Harvard to figure it all out for you.

Tell you what, forget about Austrian economics for now and just concentrate on Karl Denninger. And definitely, absolutely ignore Krugman starting now. Get back to us in a few months.