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Friday Night Bonus Video

Stephen Colbert destroys Reinhart and Rogoff, in two parts:

Part Two:

What a strange world we live in. The comedians are the only ones who tell us the truth.

If you’ve been following this controversy you may know that the New York Times has given the duo two columns today in which to defend themselves and attack the people who exposed their errors. When I read one of their columns this morning I knew it was bull when they said that they had found an “association” between high debt and low growth. Their paper has been used for years to argue that high debt causes low growth, which is another thing altogether, and they have done nothing to disabuse anyone of the notion. Read Dean Baker’s reaction here for a more informed takedown.

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