Sunday, November 28, 2010

Krugman's chickens come home to roost

In the Terry-Gilliam film Brazil, Robert de DeNiro's Archibald Tuttle character becomes enmeshed by papers--Jonathan Pryce's Sam Lowry frantically digs into the pile--and discovers that the rebel plumber is gone. Or was he ever there?

I was thinking of Tuttle when I read Doug Ross' post, Krugman's Chickens Come Home to Roost: Imminent Euro Meltdown Begs the Question--When Will Debt Contagion Infect the U.S.? Beneath the European Union's bonds, is there, well, nothing? Is Euro-prosperity an hallucination?

Paul Krugman is a New York Times columnist and Nobel Prize-winning economist who is an advocate for increased government spending and is a stauch defender of the welfare state.

Meanwhile, President Obama, although he was not stated so, wants to push America into a European style social democracy.

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1 comment:

Greybeard said...

As you know John, I've been watching the precious metals markets for some time now. Quite honestly, although they've been trending up, they've perplexed me over the last months. I fully expected once the magnitude of the problem in Europe became known the PM markets would take off.
And although there has not been a spectacular increase in those markets, I still think it's coming.

Ireland now has its bailout.
Who will be next?
Then who... Spain? Experts say a bailout of Spain will empty the "bailout" coffers and there will be NO money to use for further assistance to ANY country. At that point the panic will begin.
And it's just a question of time.
Be prepared.