Best takedown of the Peterson crowd I have seen.
In the profession of economics, there’s a lot of derp*. I mean, a lot of it. In fact, when it comes to economics, derp is everywhere. On TV, derp is there: from Fox Derp, Bloomderp, CNBDerp and Derp Dynasty, to MNSBDerp and Derp Maddow. Newspapers too, like The New York Derp and The Wall Street Derp. In Congress, derp makes itself at home. In the Oval Office, derp sits behind the big desk and conjures up macro policy. But, these advocates of economic derp aren’t the subject of our discussion today. I wish to address one particular group that is well-known for extreme derp. Its website, in fact, is 100% derp. There’s not a single, intelligent, realistic statement to be found contained within it; from the front page to the “Donate” section. Even the search function results in derp. It hands out T-Shirts with derp printed on them, which then become signs for the people wearing the shirts that says, “I want to rid America of US Dollars!” It uses derp to cause citizens great anxiety and fear at the thought of savings accounts that pay interest. Derp is its life blood; it’s daily bread and without it, the group wouldn’t exist at all. No, I’m not talking about nutty organizations like the Concorde Coalition or the Heritage Foundation. They promote economic derp, but they also deal in other types of derp. I’m talking about an organization that is dedicated exclusively to promoting the most pernicious form of economic derp. I’m talking about the Count Derpula of economics fear mongering called, Fix the Debt.…Deep derpitude.
Fix the Debt – One Group’s Efforts to Cause an Economic Depression
* Noah Smith explains "derp"in What is "derp"? The answer is technical. It used to be called "dogmatism."