From Paul Krugman:
A Terrible Ugliness Is Born
...
That’s why the Irish debacle is so important. All that savage austerity was supposed to bring rewards; the conventional wisdom that this would happen is so strong that one often reads news reports claiming that it has, in fact, happened, that Ireland’s resolve has impressed and reassured the financial markets. But the reality is that nothing of the sort has taken place: virtuous, suffering Ireland is gaining nothing.
Of course, I know what will happen next: we’ll hear that the Irish just aren’t doing enough, and must do more. If we’ve been bleeding the patient, and he has nonetheless gotten sicker, well, we clearly need to bleed him some more.
In other words, Potterism is in now in full effect:
Batocchio explains is all beautifully in a post entitle "Kindness, the Social Contract and Gilliam" that includes a Tom Waits clip so tasty I may just have to
3 comments:
Another excellent post Drifty. I see that Krugman is finally waking up to reality. What makes this even more infuriating is that much of the coming pain could be avoided if we simply ended our debt-backed monetary system.
Hey...I know you have other concerns of late, but Matt Taibbi is busy ripping Bobo and hottie "journalist" Lara Logan a few new ones over here...and with good reason:
http://www.rollingstone.com/politics/matt-taibbi/blogs/TaibbiData_May2010/121680/83512
Nicely done.
I always enjoy the Pottersville original site.
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