Ken Rogoff

The Silence of the Austerians

Here's Why 2014 Could Be the Year America Finally Ditches its Inane Deficit Obsession

Austerity advocates have been routed intellectually, but the political debate is still stacked in their favor. Here's how to influence it.

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“Regarding the Great Depression: You’re right, [the Federal Reserve] did it. We’re very sorry. But thanks to you, we won’t do it again.” Those were then-Fed Governor and current Chairman Ben Bernanke’s words to economist Milton Friedman in 2002, when a bunch of economic bigwigs gathered to fête the Nobel laureate on his 90th birthday. Bernanke’s paean to Friedman reflected mainstream Republican economic thought: The Great Depression wasn’t a failure of markets, but rather of central banking.

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