In his attempt to praise Powell and criticize Trump, Krugman admits that the “real economy” is in terrible shape, and that the stock market has done well only because of low interest rates and the Fed’s emergency actions. Krugman says this pattern holds not only for our post-covid world, but ever since the mid-2000s. He thus ironically agrees with Austrian critics who’ve warned for years that the Fed was blowing up massive asset bubbles.

Krugman Column

“Crashing Economy, Rising Stocks: What’s Going On?” (April 30, 2020)

Contra Column

“Don’t Be Surprised That the Stock Market Is Falling,” by Bob Murphy

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