The Unwisdom of Elites
The past three years have been a disaster for most Western economies. The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe’s single currency is coming apart at the seams. How did it all go so wrong? Full Story »
Posted by Jon Mitchell - via Tim O'Reilly, Real Clear Politics, AllTop, Opinion Source, NewsRack (Recession), New York Times (Opinion), New York Times (Most Emailed), Marc Dangeard (t), miker1717 (t), Mark Pegrum (t)
As per his norm, Mr. Krugman once again presents a logical explanation of our economic morass that is based on observation of actual facts as opposed to partisan illogic. Republican & Tea Pary apologists defend those who trashed the economies of the world with ahistorical, short term, knee-jerk, ideological froufrou motivated by personal greed and fear. Mr. Krugman logically points out the foolishness of following the lemmings over the cliff.