Nice quote from Krugman.
Catherine Rampell comments skeptically on Peter Orszag’s call for delegating more policy to panels of nonpolitical experts. I’d add that this is an odd time to make such a proposal. Yes, the political world is deeply dysfunctional — but what’s equally remarkable is just how terrible the judgment of the supposed experts has been. It’s not just the complete failure to foresee this crisis. Fancy international organizations have been persistently offering disastrous advice, counseling austerity and interest rate hikes just as the recovery, such as it is, stumbles. Politicians say dumb things about monetary policy — but so does the ECB.
The point is that what we need are the right ideas, not the right sort of people. Madmen in authority come in all forms, and the dignified men in suits are often no better than the rabble-rousers.