Wednesday, November 17, 2010
It really is a tragedy: Krugman on the global Pain CaucusIt's likely that someday in the not-too-distant future a lot of people will look back on 2008-10 as a time of astonishing delusion, in which countries that should have known better from their own experience tried to combat the early stages of this depression that same failed way that Herbert Hoover did. He at least had the excuse that virtually no one at the time assumed that massive borrowing and governmental spending in the midst of a recession would be a good thing. How so many responsible leaders embraced such a notion this time around is a real matter for amazement. Maybe we should call it the poisoned fruit of the neoliberal/globalization/Washington Consensus tree. Paul Krugman blogs in Axis of Deflation 11/13/2010:
But almost the whole world has turned against doing anything that might actually help. Fiscal policy has been killed by the Pain Caucus; and now they’re coming for monetary policy. China’s predatory policies are hurting everyone else — but somehow Ben Bernanke has become global enemy #1.See also his post, The Dark Ages, Returned In Full 11/17/2010.
Tags: paul krugman, us economy
| +Save/Share | |
Links to this post:
No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
[Tip: Point cursor to any comment to see title of post being discussed.]
SEARCH THIS SITE
News & Media Links