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Politics : View from the Center and Left

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To: Steve Lokness who wrote (140756)	7/13/2010 8:05:53 PM
From: JohnM	Read Replies (1) of 543047

Krugman blames the fed in this piece and before that it was deregulation and before that it was not enough stimulus - blaming everyone except the policies that brought us here. Actually, he's been fairly consistently doing two things. Insisting on an analysis of why we got here which pinpoints the major causes over the past ten to twenty years. He's been quite consistent, wrote a book about it's coming, watched it happened and commented on it as it happened, and is now commenting once again on why. The second is to propose solutions and he's done that very consistently, particularly for someone who has to hit those op ed column deadlines. Each piece has to say some serious point and thus can't have the nuance of the longer form. I have no serious idea whether the proposals he suggests the Fed start are good or bad (though I'm told by my friends in the profession that they are good) but I continue to see him being right on deflation as the big worry. You can't pay debt back from an economy going into deflation; debt repayment requires a growing economy. So, on that score, ways to reduce the deficit, looks to me as if he's right.

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