Monday, August 8, 2011
Okay, if you've ever read this blog more than a few times you know that I think that Paul Krugman is usually right. I think that events have born him out on most significant issues. And, if like me, you read him in 2008 when Obama was running, you know that he was skeptical, and his skepticism has been born out. I suggest that you not only read this post, but the post he wrote at the time of the inaugural. Also, as an added treat, he gives a shout-out to Keynes that leads me to a new Keynes insight that I thought was original to me: that a depression or severe recession, then, as now, isn't marked or caused by some natural catastrophe (unlike, say the effects of the Japanese earthquake and tsunami), but by a faulty system. Damn, I think this Keynes guy was pretty smart!