Paul Krugman makes for an unparalleled intellectual foil. If he didn’t exist we’d have to invent him. Recently he has been vintage Krugman, slinging derp.
If you pay attention to economic debates you know by now that a celebrity historian named Niall Ferguson made some off-hand comments at a financial conference in which he linked John Maynard Keynes’ homosexuality to some flaws in his economics.
The only plank remaining under notable discussion from either national convention platform of 2012 is the GOP platform’s call for a national monetary commission.
Hurricane Sandy was an invader, one that splashed ashore with as much destructive power as any foreign (or perhaps interstellar) invader could hope to bring to bear against our coasts. Thus, in the opinion of economist Paul Krugman, the storm should help boost the American economy.
Meanwhile the guy running the Federal Reserve is an expert on the Great Depression. Ben Bernanke wasn't going to make the same mistakes the policy makers made during the 1930s.
Michael Pettis at China Financial Markets asks the question "Will Greece unravel by Christmas?"
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
The day after the Federal Reserve’s announcement of Operation Twist and the financial market’s response to “significant downside risk,” the Keynesians are out in full force.
With gridlocked Washington unable to choose between the two great economists Keynes and Hayek, some leaders of both parties are attempting to come together in embracing the philosophy of another influential thinker: the immortal J. Wellington Wimpy.
A sure signal of a rising policy vector? The Washington Post sends forth a top gunslinger to attack it — “it” being the gold standard and the GOP candidates for considering it.
The way forward is to truly embrace classical economics. Get the money out of the hands of bureaucrats and Congressman. Aggressive tax cuts, combined with reduced Keynesian spending will put us on that path.
During the entire process of the debt ceiling battle, many politicians, and pundits repeated similar nonsense about democracy working better through compromise. Yet often compromise is the bane of our political system and a major hindrance to our ability to enact good public policy.
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