"For people like me, on the other hand, the economy is a social system, created by and for people. Money is a social contrivance and convenience that makes this social system work better — and should be adjusted, both in quantity and in characteristics, whenever there is compelling evidence that this would lead to better outcomes." --Paul Krugman
Need one say more?
The characteristics of fiat money is a social contrivance.
Creating money from thin air makes the system work better if there's evidence this would lead to better outcomes?
As in France before Napoleon, when society collapsed?
As in Germany before Hitler, when society collapsed?
As in Zimbabwe before Mugabe, when society collapsed?
Krugman's resume includes Enron, advocating for the housing bubble before the mortgage meltdown, and the historically disastrous money-printing exercise called "Quantitative Easing".
Krugman is a mastermind, a tinkerer, a Utopian. He refuses to learn from history. He believes he and the rest of the central planners can better orchestrate society than all of mankind. But he will soon learn a very painful lesson in real world economics.
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