Tuesday 31 August 2010
Paul Krugman, Krugman & Co.: “Lately, the hysteria over deficits in the United States has definitely brought back memories of that march to war [in Iraq]…. If the Iraq parallel is any guide, and deficits become intolerable for everyone, years from now, when the American economy is mired in a deflationary trap – long after most people will have conceded that austerity was a mistake – only those who went along with the mistake will be considered ‘serious,’ while those who argued strenuously against a disastrous course of action will still be considered flaky and unreliable.”
Advertisement
