Scott Sumner has an interesting post on the how the supposed Dubai property bubble played out that he closes with (spoiler alert):
I guess the world’s biggest international airport, a huge container port, 22 free trade zones, low red tape and taxes, and a common law judicial system for business don’t count as fundamentals. Oh, and remember that house price “bubble”? Yup, just another false claim by the bubble-mongers.
It gave me an idea to look up the meaning of fear mongering. So, I typed it into my Bing search bar and this came up, right up top:
Fear mongering (or scaremongering or scare tactics) is the use of fear to influence the opinions and actions of others towards some specific end. The feared object or subject is sometimes exaggerated, and the pattern of fear mongering is usually one of repetition, in order to continuously reinforce the intended effects of this tactic, sometimes in the form of a vicious circle.
|Fear mongering – Wikipedia, the free encyclopedia|
And the thought that there is simply no way to exaggerate problems in the process of inflation targeting came to mind. So, it looks like I’m not a demagogue after all. There is just no way to paint a direct, holistic picture of all of the hazards of IT, moral and otherwise, for little benefit (except for policymakers themselves), as to not be able to get the full point across so that it is easily understandable.