Paul Krugman

@paulkrugman ↗

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Last Checked April 3, 2022

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Sat Feb 19 14:23:29 +0000 2022

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Paul Krugman @paulkrugman

I mean, the stock of Pelotons has more than tripled. This would have been incredibly inflationary if the velocity of Peloton circulation (not pedaling speed) hadn't declined so much 3/ https://t.co/P9sfi2UN9I — PolitiTweet.org

Posted Feb. 19, 2022

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Paul Krugman @paulkrugman

It's true that M2 has risen >40% since the start of the pandemic — and the worriers say that this would have been highly inflationary if the velocity of money hadn't fortuitously declined. But hey, I can beat that 2/ — PolitiTweet.org

Posted Feb. 19, 2022

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Paul Krugman @paulkrugman

That's silly, you say: the growth in Pelotons reflects demand, not supply, and there's no mechanism by which stationary bikes feed directly into inflation. But the same is true of M2! 4/ — PolitiTweet.org

Posted Feb. 19, 2022