Remember, back in 2009 there was a big debate between people like me, who said that we were in a liquidity trap and that interest rates would stay low as long as the economy was depressed, and people like the WSJ editorial page and Niall Ferguson, who said that government borrowing would bring on the bond vigilantes and send rates soaring.
How’s it going?
We’re talking about different models, different visions of how the economy works. Their vision led to calls for austerity now now now; mine said that the overwhelming danger was that we wouldn’t provide enough stimulus, and that we would pull back too soon. Sure enough, we didn’t and we did. And now catastrophe looms.
The middle class everywhere is being played with by the big Banks puppets. The middle class grasp the idea of punishing the poor, whose, according to the Right wing puppeteers are responsible for the crisis.
Adding insult to injury ignorants journalists are now afraid of declaring that they knew nothing of what their were raving about.
Which is playing the Rights wing card.
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