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View Diary: "We are not having a debt crisis." Krugman nails it again (81 comments)

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  •  On second thought, I think Krugman has got (3+ / 0-)

    it wrong.
    We do have a debt crisis because the Congress is failing to honor its obligations to the Constitution and the American people to manage our assets and resources for the benefit of all. Instead of insuring the integrity of our currency and distributing it as needed, the Congress has set up this convoluted process which involves rationing an infinite commodity by funnelling it through the banks and other financial entities, so they can take a cut.
    They set up the banks as middlemen and gave them a veto over public projects -- a veto which can only be erased, by giving the banks a share of the currency for doing no work.
    The fact that this arrangement was organized a long time agoe (1913) does not change that it has been a detriment ever since.
    The Congress has a two-hundred year tradition of sovereign immunity, which apparently left them with the impression that they are accountable to no-one and the mays and musts outlined in the Constitution are advisory -- that for all intents and purposes they are petty potentates whose only connection with the populace is that they are periodically elected, instead of being designated by secular or ecclesiastical decree.
    If we are merely designating a rotating dictatorship, competence is obviously not a criterion. Indeed, if we're hiring dictators, incompetents are likely preferable.

    We organize governments to deliver services and prevent abuse.

    by hannah on Fri Dec 14, 2012 at 08:56:18 AM PST

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