Skip to comments.KRUGMAN: Bowles, Greenspan, And The WSJ Are All Basically Members Of A Doomsday Cult
Posted on 12/24/2012 6:30:00 AM PST by blam
KRUGMAN: Erskine Bowles, Alan Greenspan, And The WSJ Editorial Board Are All Basically Members Of A Doomsday Cult
Dec. 24, 2012, 5:55 AM
We liked this note that was sent out by SocGen's Kit Juckes this morning:
It wouldn't be Christmas without Paul Krugman telling the US government it's OK to spend money. Krugman thinks that anyone who worries about a disaster coming from the scale of US debt is a doom-mongerer. Especially the WSJ.
That's snarky, but that is what Krugman's Christmas eve column is about.
Essentially it's a reminder of one of his favorite topics: That the prophets of fiscal doom have been warning ever since the crisis that the large deficits were going to spark surging rates and bond vigilantes and fiscal crises and Greece-like outcomes and that none of it has come true.
But it's not just that the prophets of doom are wrong, it's that they're completely blind to being wrong, or at least would never admit that they are. Hence the cult:
In any case, some of the most prominent deficit scolds have indeed been willing to talk about dates, or at least time horizons. In early 2011 Erskine Bowles confidently declared that we would face a fiscal crisis within around two years unless something like the Bowles-Simpson deficit plan was enacted, and Alan Simpson chimed in to say that it would be less than two years. I guess he has about 10 weeks left. But again, dont expect either Mr. Simpson or Mr. Bowles to admit that there might have been something fundamentally wrong with their analysis.
Read Krugman's full column >
(Excerpt) Read more at businessinsider.com ...
I have just four words. Zimbabwe Argentina European Union.
Krugman is nuts! Who even listens to this guy???
I can’t help but wonder if Krugman has stocked up on gold, like Ryan Paul?
It’s the only I can explain his actions. Talk the economy into a massive depression, but have everything into gold.
IOW, The Boy Who Cried Wolf.
Cries of imminent fiscal/social collapse are invalid because they have not yet occurred.
But people forget the true point of TBWCW. The Wolf was real, and he eventually showed up.
And it was those who had decided he didn’t exist because of the previous false alarms who suffered most.
In terms of economic philosophy, what’s the difference between Krugman and the “Obama money” lady?
The Obamalady will be pleased when the collapse comes because she will look at it as the taking down of rich people and upper middle class whites that have taken advantage of the poor to acquire their assets. For her, she will continue to expect the government to provide for her, and therefore, she will conclude that the collapse won't affect her.
Krugman isn't Black?
The Obamalady will be pleased when the collapse comes because she will look at it as the taking down of rich people and upper middle class whites that have taken advantage of the poor to acquire their assets.
What assets? This is what I have never understood about how this inane argument ever gained any traction; in order to “take advantage” of the poor by seizing “their assets”, the poor would have to at one time possess them.
You and I know this, but the MSM and democrats have kept their people on the plantation by fostering class warfare. The traction comes from being indoctrinated and being too dumb to think it through to a logical conlcusion.