The opposition needs to roll out Kansas.
"Voodoo never dies" = "Zombie economics" (ht John Quiggin). The zombies run on money.
Economist’s View
Paul Krugman: Voodoo Never Dies
Mark Thoma | Professor of Economics, University of Oregon
Economist’s View
Paul Krugman: Voodoo Never Dies
Mark Thoma | Professor of Economics, University of Oregon
5 comments:
Krugman:
"lavish huge cuts on the wealthy while blowing up the deficit.
This is in contrast to Jeb Bush’s plan, which would lavish huge cuts on the wealthy while blowing up the deficit, and Marco Rubio’s plan, which would lavish huge cuts on the wealthy while blowing up the deficit.
For what it’s worth, it looks as if Trump’s plan would make an bigger hole in the budget than Jeb’s. "
.... borrow > default > forgive > borrow > default > forgive > borrow ...
Matt do you know what a hole in a balance sheet looks like? I keep searching Google images for historical examples of balance sheet blowouts and budget holes but i can't seem to find any. It looks like they may be just a figment of the mainstreamers imaginations. But its hard to tell since these mysterious holes are so often referenced by very serious and important people
I had a bad typo, so will try to re-post:
What kills me is when people point to the rise of Hitler as evidence that monetary profligacy leads to hyperinflation which leads to disaster. In fact, the evidence is in exactly the opposite direction. Hitler came to power following "a draconian policy of deflation and drastically cutting state expenditure" [https://en.wikipedia.org/wiki/Weimar_Republic#Decline_.281930.E2.80.931933.29]
On 29 March 1930, after months of lobbying by General Kurt von Schleicher on behalf of the military, the finance expert Heinrich Brüning was appointed as Müller's successor by Reichspräsident Paul von Hindenburg. The new government was expected to lead a political shift towards conservatism... Between 1930 and 1932, Brüning tried to reform the Weimar Republic without a parliamentary majority, governing, when necessary, through the President's emergency decrees. In line with the contemporary economic theory (subsequently termed "leave-it-alone liquidationism"), he enacted a draconian policy of deflation and drastically cutting state expenditure... Most German capitalists and landowners originally supported the conservative experiment more from the belief that conservatives would best serve their interests rather than any particular liking for Brüning. As more of the working and middle classes turned against Brüning, however, more of the capitalists and landowners declared themselves in favour of his opponents Hitler and Hugenberg. By late 1931, the conservative movement was dead and Hindenburg and the Reichswehr had begun to contemplate dropping Brüning in favour of accommodating Hugenberg and Hitler.
Yep Dan, most of the German expansionist agenda in the first half of the century was an indirect result of fighting over money tokens and "monetary scarcity" mindset.
They are at it again with ordo-liberalism having become the prime ideology over dominant elites there now which has at it's core this moralistic view of the economy (inflation bad, printing money bad, debt bad, exports good, work for less good, deflation good, etc.).
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