{"id":5738,"date":"2015-02-15T08:01:35","date_gmt":"2015-02-15T13:01:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5738"},"modified":"2015-02-15T08:01:35","modified_gmt":"2015-02-15T13:01:35","slug":"debt-as-wealth-the-caution-of-unfit-past-experience","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5738","title":{"rendered":"Debt As Wealth; The Caution of Unfit Past Experience"},"content":{"rendered":"<h3><a href=\"http:\/\/www.alhambrapartners.com\/2015\/02\/13\/debt-as-wealth-the-caution-of-unfit-past-experience\/\" target=\"_blank\">Debt As Wealth; The Caution of Unfit Past Experience<\/a><\/h3>\n<p>With the G-20 recoiling itself back into the\u00a0<a href=\"http:\/\/www.realclearmarkets.com\/articles\/2015\/02\/13\/modern_economics_is_based_on_desperate_misconceptions_101533.html\" target=\"_blank\">same kinds of mistakes made in the 1960\u2019s<\/a>, leading directly to the Great Inflation, we will have to take into account the other end of that, namely other forms of \u201cstimulus.\u201d With the global economy sinking, and worries about it beginning to resound beyond just inconvenient bears, there is growing official consensus on central banks taking a clearer approach but also that governments need to face up to \u201causterity.\u201d<\/p>\n<p>Paul Krugman has been leading the critique against what he sees is a disastrous and ignorant deformation against debt. In times like these, which he \u201cpredicted\u201d based on too little government spending, Krugman derides fiscal sense as \u201ccold-hearted.\u201d<\/p>\n<blockquote><p>This misplaced focus said a lot about our political culture, in particular about how disconnected Congress is from the suffering of ordinary Americans. But it also revealed something else: when people in D.C. talk about deficits and debt, by and large they have no idea what they\u2019re talking about \u2014 and the people who talk the most understand the least\u2026<\/p>\n<p>People who get their economic analysis from the likes of the Heritage Foundation have been waiting ever since President Obama took office for budget deficits to send interest rates soaring. Any day now!<\/p><\/blockquote>\n<p>The above quoted passage was taken\u00a0<a href=\"http:\/\/mobile.nytimes.com\/2012\/01\/02\/opinion\/krugman-nobody-understands-debt.html?_r=0\" target=\"_blank\">from a column<\/a>\u00a0he wrote back on New Year\u2019s Day 2012. While it has aged three years, given the global slowdown that was about to take place and the ineffectiveness of monetarism alone to dispel it, his words are being taken increasingly as both prescient and prescriptive. However, the logic behind his anti-austerity agenda is more of a sleight of hand than actual argument.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt As Wealth; The Caution of Unfit Past Experience With the G-20 recoiling itself back into the\u00a0same kinds of mistakes made in the 1960\u2019s, leading directly to the Great Inflation, we will have to take into account the other end of that, namely other forms of \u201cstimulus.\u201d With the global economy sinking, and worries about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2892,195,3575,202,344,3574,426,467,584,614,1234,868],"class_list":["post-5738","post","type-post","status-publish","format-standard","hentry","category-economics","tag-anti-austerity","tag-debt","tag-deficit-spending","tag-deflation","tag-g20","tag-great-inflation","tag-inflation","tag-keynesian-economics","tag-obama","tag-paul-krugman","tag-stimulus","tag-wealth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5738"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5738\/revisions"}],"predecessor-version":[{"id":5739,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5738\/revisions\/5739"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}