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View Diary: A Friend Attacks Krugman -- I Respond (23 comments)

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  •  Geez, the right wing is no nuts (2+ / 0-)
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    deanarms, rlharry

    yes indeed its paper money.  News flash - its been paper money ever Nixon took us off the gold standard.   So where's the hyper-inflation and soaring interest that the right wingers keep saying will occur?  Nowhere!  That's because their "blessed market" doesn't demand it.  Now if they cripple our economy with this austerity crap, investors really will demand higher interest rates to buy bonds.  Then guess what - you really do have a problem!  They got it completely ass backwards.

    "The real wealth of a nation consists of the contributions of its people and nature." -- Rianne Eisler

    by noofsh on Sun Mar 10, 2013 at 05:49:53 AM PDT

    •  Re (0+ / 0-)
      News flash - its been paper money ever Nixon took us off the gold standard.   So where's the hyper-inflation and soaring interest that the right wingers keep saying will occur
      It already happened: during the 70s. Remember?

      Then Volcker managed to make very unpopular decisions and provoke a massive recession to force everything back under control.

      After that, the only reason why we haven't experienced what you are describing is relatively responsible fiscal and monetary policy.

      But not being on the gold standard can't mean "hey, let's print all the money we want!" Because that is a recipe for economic implosion.

      (-5.50,-6.67): Left Libertarian
      Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

      by Sparhawk on Sun Mar 10, 2013 at 11:54:08 AM PDT

      [ Parent ]

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