Don't Blame Us
by Ross Kaminsky - June 20th, 2011 - The American Spectator
Keynesian-in-Chief Paul Krugman, in his latest conspiracy-under-every-rock article for the New York Times, argues that "rentiers" who have [or] own large quantities of U.S. government bonds (which is to say who have done Americans the favor of loaning cheap money to our government) benefit from the low interest rates that usually accompany a weak economy.
Therefore, according to Krugman, this "Pain Caucus" works to "protect the interests of creditors, no matter the cost." One would think that a Nobel Prize-winning economist (though Nobel's shine has lost some luster given its awards to Yasser Arafat, Al Gore, and Barack "maybe I'll earn this one day" Obama) would know better than to offer such claptrap. Or maybe he does know better but assumes -- probably correctly -- that most of his readers don't.
To argue that people with money are sabotaging recovery so that they can benefit from being paid low interest rates is so obviously stupid that only someone like Krugman who couches his argument in convoluted Keynesian idiocy would even try.
People with a bias for Keynesian economics are never going to concede the failure of their religion. And that is the problem. It is a religion. Having touted this gibberish since their college days, and having made fortunes promoting the concept, they see their own success as proof that it must be correct. Any evidence to the contrary is presumed false irrespective of how much data proves them wrong. They cannot give up their religion.
That is why they mock economists like Milton Friedman and Thomas Sowell. They never allow themselves to be challenged in a proper forum. If their only audience is politicians and everyday people who have not studied the extreme flaws in their logic, they get to continue to con people with their hypothetical brilliance.
It also allows them to denigrate as evil anyone who disagrees with them. That is one reason they love to smear Republicans with outrageous false charges. How can anyone dispute their charges when the people they are smearing are so "evil"?
The problem is that like most socialist concepts, they fail miserably every time they are tried. Carter failed and nearly destroyed our nation in the process. Obama is failing with equally disastrous results. Yet the "evangelist" of Keynesian economics, Paul Krugman, cannot stop smearing his opponents and screaming that someone must be sabotaging Obama's efforts since they absolutely positively have to work. He cannot be wrong. He knows it in his soul.
Socialists will never ever concede they are the ones who must accept the blame for their failed results. "Don't blame us" is an ignorant plea.