From The Daily Bell is another rant on the economics of Paul Krugman and his like:
Krugman: Last Gasp of the Hamiltonians?Wednesday, January 04, 2012 – by Staff ReportAlexander Hamilton
Nobody Understands Debt … In 2011, as in 2010, America was in a technical recovery but continued to suffer from disastrously high unemployment. And through most of 2011, as in 2010, almost all the conversation in Washington was about something else: the allegedly urgent issue of reducing the budget deficit. This misplaced focus said a lot about our political culture, in particular about how disconnected Congress is from the suffering of ordinary Americans. But it also revealed something else: when people inD.C. talk about deficits and debt, by and large they have no idea what they’re talking about – and the people who talk the most understand the least. – NYTimes/Paul Krugman
Dominant Social Theme: We can borrow our way to prosperity.
Free-Market Analysis: Paul Krugman is at it again, defending the socialist economics of John Maynard Keynesagainst the common sense of normal people. Nobody understands debt, he writes, except of course for … him. Krugman.
He understands it so well that he is convinced that nations can borrow their way to prosperity. Krugman, who evidently doesn’t like people, prefers to deal in abstracts like “nations” – as if nations are not actually composed of people. Krugman sees only the broadest picture.
Generally, Krugman, the winner of the faux Nobel Prize for Economics, is not much enamored
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