KRUGMAN: Gold Bugs Are Really Annoying, They Don't Have A Clue, And They've Made Things Worse

Dealbook screengrab

Earlier we did a post on the phenomenon of "Goldenfreude" which means taking pleasure at the collapse in gold prices.

We asked a bunch of notable names why they thought gold falling inspired such glee.

One of the responses we got was from Paul Krugman, whose answer was pretty solid:

Well, the inflationistas/goldbugs are really, really annoying -- all this air of having the secret wisdom when they actually haven't a clue. And they have been a real destructive factor in policy debate, standing in the way of effective policy by raising fears of Weimar and Zimbabwe. So seeing the one thing they got right -- betting on higher gold prices -- turn sour is cause for a bit of celebration.

For more on goldenfreude, see here >