Quote of the Day: Economists and the Great Recession

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From Scott Sumner, after reading a poll showing that there are virtually no economic forecasters anywhere in the world willing to concede that monetary policy is currently too tight:

If the public of the developing world actually understood the role of economists in this crisis, we’d all be lynched. They think we failed to predict it. But since monetary policy generally reflects the establishment view of the economics profession, it would be more accurate to say we caused the Great Recession.

Sumner has an idiosyncratic view of monetary policy, but that hardly matters. Even conventional economic models suggest that monetary policy is too tight right now. But we’re doing nothing about it thanks to a groundless belief among policy elites that inflation in the future is more dangerous than sky-high unemployment right now. (And in the case of Europe, more dangerous than even the possible collapse of several eurozone countries.) And so, here the rest of us sit.

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Truth #1: The chaos is the point.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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