“Blessed are the young for they shall inherit the national debt.” —Herbert Hoover
Paul Krugman over at the New York Times is an unapologetic Statist, Keynesian and Progressive liberal who does well to technicratically argue for strong centralized governments in the area of economics. Krugman is an ardent advocate for income redistribution through governmental means (by force) and a closet anti-capitalist. In plain words, “A Marxist.” Chances are you already knew that about Paul Krugman, but hey…I just like to point it out. Call it my way of yet again putting my thumb into the eye of the rank and file Kool-Aid drinkers out there in liberal land.
Krugman takes to the opinion pages of the New York Times and pens a rant blaming Europe for Greeces’ financial meltdown. Krugman claims,
“[T]he origins of this disaster lie farther north, in Brussels, Frankfurt and Berlin, where officials created a deeply — perhaps fatally — flawed monetary system, then compounded the problems of that system by substituting moralizing for analysis…”
While the Euro might have been just one factor in Greece’s problems, huge budget deficits and debt are at the core of what ails Greece. Welfare benefits, old-age compensation, a state-run health insurance program is what is causing the crisis. And, despite the sinking ship, people refuse to let go, rioting in the streets and causing chaos.
The Greek Government is bloated, corrupt and extravagant; Like a college kid with a credit card they keep on getting loans from the Germans. And in Greece, militant public employees Unions are in charge. Need I say more? None of that even begins to take into account the burdensome regulations, taxes and bureaucracy that stands in the way of productivity in a good economy.
Nero fiddles while Rome burns and here comes Paul Krugman, advocating for his brand of economic recovery and growth by the government borrowing more money, printing more money, and maintaining the status quo with government largess and fealty to employee unions. This is the stuff of Kool-Aid drinkers, not serious economic and fiscal policy A mere Keynesian model. Sound familiar? How the heck does anybody argue any notion of subjective theory of value? Hell if I know.
