The friend who sent this article to me wrote:
Part of me actually hopes for this appointment because he will accelerate the collapse of the current psychotic Keynesian ideology and our unsustainable fiscal practices. The sooner it ends, the better…even if that end is painful.
I couldn’t agree more. Now for some snippets from the latest Op Ed insanity from a major publication:
Not only is he the world’s best-known economist, Krugman has the intellect and integrity to resist Wall Street’s calls for austerity.
He could ignore what Wall Street and conservative media interests want and pick somebody who would represent what the electorate voted for. And not even just the people who voted for him: there are a lot of Republican voters out there who are also unemployed.
It didn’t take long for the author to expose his lack of understanding in the above paragraph, where he uses the same old false left-right divide to imply Wall Street is “conservative.” They are the furthest thing from conservative, they are simply financial oligarchs that own both major parties and Paul Krugman would be an ideal tool for them as well.
Then again, he does make one point I agree with:
This was unprecedented and an historic change; Kim is practically the only World Bank president in 60 years who was not previously a banker or a war criminal.
However, he immediately reverts to nonsense very quickly when he states:
Now, of course, the World Bank is not a cabinet appointment, but there is a lot of money that flows from that supposedly multilateral institution to the coffers of US corporations. You can bet that Jim Kim was not their top choice.
The New York Times columnist is probably the best-known living economist in the United States, and perhaps the world.
After all, why should the secretary of the treasury have to prioritize the interests of Wall Street and the “criminal enterprise” of big finance, as Charles Ferguson, academy award-winning film-maker and political scientist, describes it.
At the end of the day, it might be great to have another high Keynesian priest in charge as it will ultimately disprove their theories forever and then we can finally move on and out of the Dark Age of Economics.
Full article here.