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Paul Krugman:

A further thought inspired by the meditations that led me to today’s column: I think I now understand the otherwise weird resurgence of paleomonetarism in the midst of a prolonged liquidity trap. It’s not really about analysis, it’s about morality.

You see, if you’re the kind of person who views being taxed to pay for social insurance programs as tyranny, you’re also going to be the kind of person who sees the printing of fiat money by a government-sponsored central bank as confiscation. You may try to produce evidence about the terrible things that happen under fiat currencies; you may insist that hyperinflation is just around the corner; but ultimately the facts don’t matter, it’s the immorality of activist monetary policy that you hate.

Sure. Temperamentally, liberals are New Testament critters and conservatives are Old Testament critters. Conservatives believe in retribution. They believe in suffering for your sins. If you went into debt, it’s right that you should suffer for it. If the economy partied too hard, a hangover is the proper cure. We may or may not learn from our mistakes, but it’s still right and proper to pay for them.

The irony, of course, is that most of the tea party types who believe this are basically suffering for the sins of others. They’ve been conned into thinking that somehow they’re the ones responsible for our economic woes, and the folks doing the conning are delighted to get away with this. I probably don’t need to tell you who those folks are.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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