Thursday, 3 October 2013

Krugman: The Economics and Politics of Chaos

Paul Krugman plays an important role in countering certain aspects of the mainstream press.  He is an excellent economist and commentator and his finger on the pulse.

Yet he remains controversial enough to make it as a regular on this blog.

His latest post has a "conspriacy economics" worthy title - any economist who talks about the economics of chaos gets a front row seat.

Bringing in "class war" is also inspired especially in the New York Times.

The Economics and Politics of Chaos [Outside link]

[...]

There’s a definite class-war aspect to this fight, pitting the interests of the 0.1 percent against those of lower-income families. But at this point the 0.1 percent, by and large, are pleading with the GOP to knock it off. So while class war may have been where this started, the monster has long since escaped from its cage; even Karl Rove, more or less the designated defender of upper-class privileges, is whining that the party won’t listen to him.

[...]

Coming back to the class warfare issue: my working theory is that wealthy individuals bought themselves a radical right party, believing — correctly — that it would cut their taxes and remove regulations, but failed to realize that eventually the craziness would take on a life of its own, and that the monster they created would turn on its creators as well as the little people.

 And nobody knows how it ends.

What more is there to say.  Paul Krugman ends with the quote "And nobody knows how it ends".

That is what we are here to document.  The end of economic times or at least how the non-mainstream commentor's view the end of times.




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