Here is the first gold bug to admit, and he must be commended for that, that the macro that he learned was inappropriate, if not plain wrong when it comes to the provision of a framework to understand what is going on. Because he is not alone Krugman has called our current age "the dark ages of macroeconomics". This because in a way reminiscent to the loss of all knowledge accumulated during antiquity by the middle age man, modern day economists have lost all that was learned by the generation of economists that was around during the 30's,
For those with interested in these things, below is a link to an introduction to old fashion macro in a very simplistic way.
