The following is an excerpt from Zach Carter | May 20, 2018 | Huffingtonpost.com |
For most of her career, Stephanie Kelton was accustomed to being ridiculed. It started in grad school.
At Cambridge University in the late 1990s, she signed up for an economics course taught by Willem Buiter, who later became the chief economist at Citigroup. When she asked a question about money in a particular model, he turned, red-faced with fury, and unloaded on her. “If you are the type of person who thinks money is important,” she recalls him saying, “then you are probably the same type of person who enjoys sitting in your basement and beating yourself with a rubber hose.”
The words obviously left an impression. Kelton ― who is now 48 and has been teaching economics herself for more than 16 years ― repeats them, twice, to make sure they’re transcribed correctly. Buiter didn’t respond to a request for comment.
She’s been receiving (slightly) more polite versions of the same dressing down ever since. Conservatives have accused her of worshipping a “magic money tree,” and Paul Krugman dismissed her ideas in a 2011 New York Times column as a naive blueprint for hyperinflation that carried “a sort of eerie resemblance to John Galt’s speech in Atlas Shrugged” ― a ruthless insult among her left-leaning friends.
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