[A]nger against “takers” — anger that is very much tied up with ethnic and cultural divisions — runs deep. Many people, therefore, feel an affinity with those who rant about looming inflation... I’d argue, the persistence of the inflation cult is an example of the “affinity fraud” crucial to many swindles, in which investors trust a con man because he seems to be part of their tribe. In this case, the con men may be conning themselves as well as their followers, but that hardly matters.
This tribal interpretation of the inflation cult helps explain the sheer rage you encounter when pointing out that the promised hyperinflation is nowhere to be seen. It’s comparable to the reaction you get when pointing out that Obamacare seems to be working, and probably has the same roots.
But what about the economists who go along with the cult? They’re all conservatives, but aren’t they also professionals who put evidence above political convenience? Apparently not.
The persistence of the inflation cult is, therefore, an indicator of just how polarized our society has become, of how everything is political, even among those who are supposed to rise above such things. And that reality, unlike the supposed risk of runaway inflation, is something that should scare you.
Megan McArdle must believe that any group that includes her is superior and invariably right. She simply denies that Obamacare is anything but a disaster because she supports the people who oppose Obamacare. She uses social studies to try to prove that we can't believe social studies, because she refuses to believe her side includes lazy, bigoted thinkers. It seems that every decision she makes is ideological and then she supports alimony, to her readers' disgust. But it appears her mother is divorced--and one can imagine why she would side with a moocher in this case.
Con, cult or greed--or all of the above. No matter what the motivation is, the results are a horror show, and civility and respect only encourage their illogical, erratic, callous, dangerous course.