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Rise of the Free-Market Zombies

For his Sunday column, Paul Krugman wrote a piece titled "When Zombies Win." Krugman claims that "free-market fundamentalists" – including Ron Paul – have been successful politically, despite being thoroughly discredited by recent events. As we'll see, it's a good thing that these ideas of shrinking government refuse to die, no matter how often Krugman attacks them.
Krugman's Zombie Thesis

The opening paragraph explains the title given to Krugman's article:

When historians look back at 2008–10, what will puzzle them most, I believe, is the strange triumph of failed ideas. Free-market fundamentalists have been wrong about everything – yet they now dominate the political scene more thoroughly than ever.

Before moving on to Krugman's specific claims, we need to stop and remark on just how warped the above opening really is. For one thing, "free-market fundamentalists"


Added: Dec-24-2010 
By: hlabrake
In:
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Tags: Paul, Krugman, freemarkets
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  • Really? Zombies? Belief in voluntary commerce is akin to undead cannibalism?

    Christ, Paul. You've set a high mark for intellectual absurdity. Be proud.

    Posted Dec-24-2010 By 

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  • "for government agencies to encourage banks to lower their lending standards"

    There my friends is the sole reason for our mess. Why would a bank lend money to anyone who is unlikely to pay them back? They would only lend if someone else (the government) took the risk: Freddie Mac and Fannie Mae.

    Would you lend your money to anyone who was not going to pay you back (50% of the time)...?

    Why would our government lend money (your tax dollars) to individuals who have no job, no inco More..

    Posted Dec-24-2010 By 

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    • Surely, fundamentals like demographic gap and increasingly competitive Asian labor markets have nothing to do with it?

      Posted Dec-24-2010 By 

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    • They have nothing to do with the current US recession.

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    • If your talking about economic demographics......and congress's desire to let ALL borrow and live in homes no matter the economic impact (whether you had saved and worked to afford a home)....then yes. Asian markets? No impact other than cheap labor helping US consumers buy their "stuff" at lower prices (as someone making $30/hr with full benefits.....pulling a drill press.....was going to end eventually).

      Any institution that gets involved in capitalism.....with little ramificat More..

      Posted Dec-24-2010 By 

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    • I believe they do. They are the main forces that provide downward pressure on all western economies. A specific circumstance that "caused" a crisis (you mean the housing bubble, I presume?) is important, too, but why do you think this recession has been so painful?

      Posted Dec-28-2010 By 

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    • > No impact other than cheap labor helping US
      > consumers buy their "stuff" at lower prices

      What about stagnating real wages and millions of people switching from manufacturing to service sector (which pays quite a bit less)?

      Posted Dec-28-2010 By 

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  • This guy Krugman has a brain made of fruitcake...

    Posted Dec-24-2010 By 

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  • Krugman is a walking, talking self-parody, and one of many good reasons to not take Nobel Prizes seriously.

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  • This world needs much less Krugman and way more Ron Paul!

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  • A hard-earned 50 cents there,bud...

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