"If the Fed holds the funds rate constant or reduces it, demand will not be curtailed, supply will be because of the lack of oil, and stagflation will result," says Paul Kasriel, director of economic research at the Northern Trust Corp in Chicago. "Fed-created money is not a substitute for Persian Gulf-produced oil."
Krugman has become so blinded by his disbelief that the nation could elect a bumbler like George W. Bush instead of the tree-hugging Vincent van Gogh look-alike Al Gore that he can't differentiate between supply and demand.
According to Princeton University, Krugman is currently teaching international trade theory and policy, so perhaps his micro is a little rusty.
While Krugman has the same right to express his views in his column as I do in mine, he has turned his valuable real estate -- his op-ed colleague, Tom Friedman, just snagged one of the Times' record seven Pulitzer Prizes -- into a toxic waste dump.
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