wasn't the only voice warning of the Feds mismanagement of the money supply in the early 2000's. David Beckworth at Macro Musings was also flagging the Feds failure to understand the housing bubble and the non-threat of "benign deflation", as did Zanny Minton Beddoes, the economics editor of The Economist. Beckworth recently had a chance to meet Beddoes and complement her dead on analysis of the macroeconomic situation of the early 00's, some of which he reprises here. I think they both deserve a round of applause. And here's hoping that those like Beckworth and Beddoes who actually got it right over the past decade are the ones people are listening to as we move into the next decade.
UPDATE: Randall Parker notes that the 10 year U.S. growth rate in consumption has outpaced the U.S. growth rate in GDP by almost a full percentage point: "That adds up to $3 trillion dollars worth of living beyond our means. I've been writing about this problem for years and now I take no joy out of finding more agree with me. The seriousness of the problem outweighs being right about it."
UPDATE: Randall Parker notes that the 10 year U.S. growth rate in consumption has outpaced the U.S. growth rate in GDP by almost a full percentage point: "That adds up to $3 trillion dollars worth of living beyond our means. I've been writing about this problem for years and now I take no joy out of finding more agree with me. The seriousness of the problem outweighs being right about it."
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