Notice how Paul says that “everyone missed it including me” when he refers to the return of jobs to the United States, yet many of those jobs will be performed by robotics.
As I listen to an interview series like this, I basically disagree with everyone of his key points. Does that mean that he’s wrong? Actually it means the opposite. It means that he’s right all the way up until he’s wrong and when he’s wrong, it’s so big that it probably doesn’t even matter because it will be TEOTWAWKI. Does that mean that I should agree with someone when I disagree on principle?
In the end, fundamental principles will prevail. Dr. Krugman’s claim that a government is not like a household and it doesn’t have to pay its bills and that printing more money doesn’t eventually lead to inflation will be proven incorrect in the end.
If you want to talk about reputational investment, just watch and see what happens to the entire educational-industrial complex over the next decade. The same educational system that hands out college degrees, Ph.D’s and Nobel prizes will be subjected to market forces when there is a greatly diminished return on that investment. Then Paul finishes with his claim that the media is a “closed information loop” yet somehow Business Insider is somehow uniquely “open”. All I could think about was George Soros version of an “open” society.
When a system is based on a lie, and I believe Keynes and MMT are a confidence game, it can go on for a long, long time. Think about the pathological liar, the violent alcoholic or the addled drug abuser who can sustain a job, or a family for what seems like forever on a shoestring. Eventually it breaks. Eventually when it’s built on sand it collapses. As far as I can see, the way they are constructing the global economic TBTF system it is designed so that when the SIFI system and the dollar do collapse, they come down completely like a pre-engineered demolition of two skyscrapers right into their own footprints.
(note: This is a series of videos with Paul Krugman. After the first video ends and then there is a commercial and then the additional portions of the interviews will load.)