Has Paul Krugman won?

[Swampy]

I'm not a fan of the Nobel-prize-winning economist, who also writes for the New York Times - he supports GW and Eurosocialism, which I don't. But he is a Keynesian, like me, which is the school of thought that says governments have to spend during recessions to boost their economies.

Now, there's evidence this school (our school) is correct. I don't know if the Europeans should keep spending as opposed to cutting back, but I do think government debts is not as big a problem as non-Keynesians (read, Austrian school) thinks.

[jerryfmcompushaft]

Oh Wow! just waiting for SJ's response.....

[Sir John]

Lifted from the Australian forum.



The economic commentators i follow closely, most of whom are Austrians, all have very little regard for Krugman. In fact most hold him in contempt.

He sets off my BS Detector very often.

and,

"I do think government debts is not as big a problem as non-Keynesians (read, Austrian school) thinks."


I simply cannot understand this view. Government debt, the end result of (out of control) deficit spending is the very basis of our current unfolding disaster. This debt is GROWING, not reducing in any meaningful way. It is so bad that they are stealing the peoples bank accounts, even rich lawyers are not safe from a desperate government.

Can you name the G20 nations (except OZ) that have their debt under 'control' and in fact going DOWN?



SJ

[Sir John]

www.businessspectator.com.au/article/2013/4/25/european-crisis/fire-and-ice-europes-debt-march?utm_source=exact&utm_medium=email&utm_content=271898&utm_campaign=kgb&modapt=

[Swampy]

Perhaps this should go to the Euro deathwatch thread. Like I said, I don't know if Keynesian policies should apply to Europe, but I do think they work - if the US Feds hadn't printed money in 2008 and following, we wouldn't have an economy today.

[Sir John]

A post on Krugman should be in the 'Jokes' section.



SJ