Friday, January 20, 2012

Nobody Understands Debt

I have railed on Paul Krugman a few times on here.  But, there is no doubt he is a bright fellow.  That is, if one considers defending an economic mythology based on voodoo, is the definition of bright.  As I have remarked before, Krugman’s intellectually dishonest or ignorant (only he can say which) views on economics helped get us into this crisis.  He publicly mocked William Greider (a brilliant journalist who has been foretelling of this economic calamity for a long time) in the late 1990s when Greider stated our economic policies were going to lead to a disaster in this country.   Krugman was shilling for Bill Clinton’s horrendous economic policy decisions and Greider actually had a sound understanding of fundamentals economics that Krugman was too ego-driven to admit or understand. 

I generally think Krugman is irrelevant and his notions of economics and solutions to this crisis only appeal to Democratic party ideologues who buy into this false belief system of endless left versus right political barking.  These are the only people who are willing to open their mouths like baby birds to spoon in all of the pablum people like Krugman can feed them. 

We all make mistakes in judgement.  Economist Joseph Stiglitz was once on the parade bandwagon for the status quo and has completely shed his faulty belief system to become a formidable force for a return to sound economic policy in this country.  Who knows.  Maybe this article is the start of Krugman’s awakening. 

I have mocked this debt myth for years.  Debt is a figment of your imagination.  It isn’t real.  And, those who have these histrionics attacks about our rising debt are playing into the hands of the banksters and corrupt elites who want you to be focusing on debt and austerity instead of fixing what caused the debt bubble in the first place.    Focusing on debt and austerity will contribute to even greater economic decay.  (As I have said before, with the swipe of a pen the U.S. wiped away half of its debt during the Great Depression and we are headed towards a similar act at some point in our future.  Btw, on this very topic, as I have noted before, Social Security could be funded forever without ever a worry of it going bankrupt or worrying about borrowing money to fund it.  ie, The debt mongers are intellectually-dishonest, self-interested, anti-democratic haters, or they are just plain ignorant about debt and money.  Most are the latter.)   Krugman understands the myth of debt in this article but many of his conclusions are still way off  base. 

Amazingly, Krugman still doesn’t get what is wrong with this country’s economy and seemingly shows a complete lack of fundamental economic knowledge.   He appears almost as clueless about economics as Ron Paul and his bandwagon of economic illiterates.  

Now, I like Ron Paul.  He speaks the truth about corruption of our government.  (Although his hatred of government does not solve anything.)  But let’s be frank.   He economically-illiterate.  You may disagree but I can prove it with math and science.  I channel surfed through the Republican debate for five minutes last night and listened to corporatist shill and lobbyist extraordinaire Rick Santorum (whom Paul accurately labeled as disgusting for his corporate lobbyist activity and then Santorum later returned the name-calling as part of the endless carnival barking of political idiots from both parties.)  and Ron Paul exchanged jabs about Apple and economics surrounding the company.  It was like watching the movie Dumb and Dumber.   Santorum was shilling for the corporate state and Paul was trying to apply his libertarian beliefs to economics as he always does. 

Just an FYI for those who believe Paul understands economics, which he clearly does NOT.  Libertarianism is a political ideology.  it is a belief system.  And, it is an arbitrary one that means arbitrary things to different people.  In other words,  Paul’s view of economics exists no place else but in his mind.  It surely isn’t based on reason, math and science.  Libertarianism has many valid beliefs.  But, there is some equally valid belief that as an ideology it had more merit in an agragrian society.   In other words, a society that was not completely interconnected as a very complex system today.  ie, No one is self-sufficient in this country.  No one.  Everyone depends on everyone else for their economic fate.  Although a libertarian value of wishing to take personal responsibility for what we can control in our lives is surely a hallmark of a sound and stable mind.   Libertarianism is NOT not a form of math or science-based economics.   Politics=/economics.   I’m going to torch much of this economic gibberish with some very pointed posts in the future.  

Nobody Understands Debt

posted by TimingLogic at 11:12 AM

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