In his Friday New York Times column, Paul Krugman cut up the Republican party for embracing a monetary policy that not even the conservative economists at the University of Chicago can get behind.
Texas Senator and perpetual place-horse Ted Cruz espouses what is, according to Krugman, "very much a fringe position among economists," not a single one of whom answered, when questioned, that the world would be improved if the United States still adhered to the gold standard. Dangerous as a Cruz presidency would be, however, Krugman pointed out that the current Speaker of the House is already plenty capable of destroying the American economy.
"As I have pointed out on a number of occasions, Mr. [Paul] Ryan is fundamentally a con man on his signature issue, fiscal policy," Krugman argued, adding
[W]hat, exactly, is the nature of his monetary faith? The same as the nature of Mr. Cruz’s beliefs: Both men are devotees of Ayn Rand, even if Mr. Ryan now tries to downplay his well-documented Rand fandom...