Nobel Prize Winner on Debt
With the Obama Administration burning money like there is no tomorrow, the usual batteries of sycophants are all over the place to create as much confusion (‘debate’) as possible. Its the usual Hegelian Dialectic in the Psy Ops operation we call the Mass Media, designed to have the average layman look away, despairing of the cacaphony.
Krugman, always hailed as the Nobel Prize winner, is now explaining there is absolutely nothing wrong with the exploding national debt.
He is ‘only’ talking about the 12 trillion the Federal Government owes its, mainly foreign, creditors. Totally ignoring the tens of trillions of unfunded obligations that the Government is facing in the coming decades for Social Security and Medicare.
He is saying ‘most economists he speaks to’ are more worried about the Government not doing enough to reinflate the economy, than about the debt. Apparently creating credibility by citing ‘scientific consensus’. This is the same line Wikipedia use to quote all their stuff as facts. Anybody knows that scientific consensus is the average opinion of the mediocre and absolutely unfit to base any rational viewpoint on. This is the same with allopathy claiming mustard gas will cure cancer. Or the astronomers totally ignoring the Electric Universe.
Scientific consensus used to be that the earth was flat and that Jewish skulls were clearly different from Aryan skulls.
Current economic scientific consensus believes interest bearing debt to a bank as money is natural law.
He is saying that the Government is getting the money almost for nothing and that there is no proof at all that interest rates will rise. History apparently not being a sound indicator. He is saying the US are more likely facing a Japan scenario of deflationary threat. Japan has been bailing out its economy for 20 years now, Government debt there currently at 227% of GDP. This is apparently not a problem.
It is also not a problem for the US that it gets all its money from foreigners (losing debt service to creditors abroad) or by the printing press (destroying the dollar). Japan at least was able to sucker its own population into buying the bonds, so that the little interest the Japanese have been paying on their debts remained in their own country. The wealth transfer there is limited from poor Japanese to rich Japanese. In the US, poor Americans are losing money to the Japanese and Chinese Governments.
But of course, the most important things are these that Krugman is NOT saying. He is not saying the bankers should be prosecuted for their clearly fraudulent behavior of the last decades.
Krugman is not saying we should close all the banks, round up all the banksters and throw them in a memory hole, disown them from every dollar they stole from the public and have the State issue some interest free currency.
People are surprised by Gore and Obama winning Nobel Prizes.
Looking at the garbage that has been winning Nobel Prizes for quite some time and for all sorts of BS, they shouldn’t be.