Wednesday, January 19, 2011

This guy got a Nobel Prize?

Quick hit on Paul Krugman's article on the Euro (emphasis mine):

Back in the ’90s, people who were present told me that staff members at the European Commission were initially instructed to prepare reports on the costs and benefits of a single currency — but that after their superiors got a look at some preliminary work, those instructions were altered: they were told to prepare reports just on the benefits. To be fair, when I’ve told that story to others who were senior officials at the time, they’ve disputed that — but whoever’s version is right, the fact that some people were making such a claim captures the spirit of the time.

What an idiot. Some people remotely connected make a claim, so the claim must be considered valid, no matter whether it's actually right (as long as it supports his point). I don't know if it makes it better or worse that it's barely relevant to his overall point.

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