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I love Krugman. Nothing to get Monday going like elevated bloodpressure.

12/20/2010

Click here for a direct link to the NYT article

Um, “Free Market” operation of the US banking sector has been a fantasy for nearly a century. The free market hasn’t failed because there IS NO FREE MARKET IN THE BANKING INDUSTRY. This is a case “if you say a lie often enough people will start to believe it”

As far as his nonsense comment about interest rates is concerned, this is a typical US error, in thinking we somehow live in a bubble. The USD and our low inflation are not supported by the fundamental strengths of OUR economy, but rather the weaknesses of European growth. Our currency is DOWN to historic lows against sound economies (Australia and Switzerland) We shouldn’t ask ourselves if we’re going to experience a devaluation of the USD overall, but rather against whom and what.

I’d better stop before I find myself writing a critique of every paragraph.

No wonder the NYT is on the verge of bankruptcy. It habitually supplants actual news and journalism with political pandering. Please don’t retire Mr. Krugman, we need you for comic relief.

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From → Daily Grind

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