KRUGMAN IS STILL LIGHTING CANDLES ON THE ALTER OF SAINT MAYNARD....
VERY LIKELY SOMETHING MORE DRASTIC WILL BE NEEDED TO RESTORE THE LOOTED ZOMBIE ECONOMY AMERICANS FACE NOW...
KRUGMANS GLOBAL VIEW OF "DEBT AS INCOME" TO SOME (MAINLY CHINA)...IGNORES THE IDEA THAT ALL ECONOMIES ARE LOCAL...
YES...CHINA IS THE "BENEFICIARY" OF AMERICAN ISSUED DEBT...AND IF AMERICANS QUIT ISSUING DEBT CHINA WILL SUFFER...THAT SEEMS TO BE WHERE THIS IS HEADED.
BUT ULTIMATELY ALL ECONOMIES ARE LOCAL...
AND THIS TYPE OF ULTRA-MACRO WORLD VIEW FROM KRUGMAN AND THE DIE-HARD KEYNESIANS...MAY BE LIKE SAYING THE OPERATION WAS A SUCCESS BUT THE PATIENT ( THE US ECONOMY) DIED...
KRUGMAN'S SLAVISH DEVOTION TO KEYNES IS NOT BECOMING A NOBEL THINKER... KEYNES COULD NEVER HAVE ANTICIPATED WHAT IS HAPPENING IN THE US TODAY..
