Monday, November 1, 2010

Really, Paul?

Paul Krugman:
The tone differs from place to place — listening to a German official denounce deficits, my wife whispered, “We’ll all be handed whips as we leave, so we can flagellate ourselves.” But the message is the same: debt is evil, debtors must pay for their sins, and from now on we all must live within our means.

And that kind of moralizing is the reason we’re mired in a seemingly endless slump.

Really, Paul? That's it? Moralizing is THE reason? Not that the fiscal stimulus that emerges from Congress was and would be largely mistargeted? Not that there are no shovel ready projects, like ever? Not any number of things. Nope. It's just moralizing. As if we live in some sort of purely socially constructed political and economic system.

It's a pity. If Paul Krugman and his magic fiscal stimulus wand were in charge, then all would be right with the world.

1 comment:

Alpheus said...

I wonder if Mr. Krugman would be willing to float me a large interest-free loan . . .

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