Krugman is missing one massive magical power of monetary policy
In Argentina the Central bank has become the unifying enemy in the Milei's campaign and a very easy one to defeat
Krugman wrote a very informative piece on the magical power of monetary policy, taking inspiration from the recent victory of Milei and his focus during the electoral campaign on the abolishment of the central bank and a plan for hard dollarization. Milei’s iconoclastic classification of central banks has now become quite famous, but it is worth reading…