Mike just gets it so right, so often. Sally ________________________________________ From: [email protected] [[email protected]] On Behalf Of Michael Gurstein [[email protected]] Sent: Saturday, July 10, 2010 3:13 AM To: [email protected]; 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION' Subject: Re: [Futurework] Krugman's Insanity, And The Hard Mathematical Truth
I must say that when I come across another breathless account of the "discovery" of some immutable law of this or that -- mathematics, physics, cycles etc.etc., by somebody whose bona fides are an unbeatable winning spree over the last half day at the local dog track errr stock market, I reach for my bathroom air freshener... I think that the issue of debt is not whether or not it will be repaid, most agree that it will/should, but rather the timing and the terms. If I owe you 100 Uzbecki roubles and you insist on being paid on the Saturday of a long weekend in deepest rural Maine I am very likely to go into "default", on the other hand we can think of rather different timing and terms which would allow me to satisfy that debt obligation with relatively little strain on my purse or mental well-being. And then there are those completely unreadable charts; the variations in fonts, bolding, underlining, italicizing, and punctuation--all, one has to presume, to achieve an emphasis and an agreement with the author's sentiment in the absence of any effective argument that might intellectually persuade... And then there is this canard (I'm currently in Paris after all ;-)... "absolutely nothing the government does produces anything" ... The "gubbumint" of course produces nothing but the orderly social, legal and normative framework that makes any of this type of nonsense and the associated economic processes possible. In the economic state of nature wished for by folks of this ilk we can all spend our time in the free standing markets with our pistols at the ready and our armed militia well to hand to ensure that our transactions are enforced. I'm sure that the folks in Somalia etc. currently living in this blissful state of de-gubbuminted nature could provide us all with pointers and training in the requisite survival skills. Happy almost to be Bastille Day. M -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Steve Kurtz Sent: Saturday, July 10, 2010 1:11 AM To: Futurework Subject: [Futurework] Krugman's Insanity, And The Hard Mathematical Truth Mike G will be tempted to call this a Conservative rant. Ad hominem doesn't refute his argument. Steve http://market-ticker.denninger.net/archives/2489-Krugmans-Insanity,-And-The- Hard-Mathematical-Truth.html _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
