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Thursday, January 16, 2014

Paul Krugman, "Scandal in France": Hollande Suffering From "Intellectual Collapse"?

As reported yesterday by China Daily USA (http://usa.chinadaily.com.cn/world/2014-01/17/content_17240729.htm), "China's total holdings of US government debt in November reached a record $1.317 trillion," but meanwhile "[f]oreign demand for US assets weakened as net foreign purchases of long-term securities totaled $29.3 billion in November, compared to purchases of $35.4 billion in October." Overall US debt? More than $17.3 trillion, which will never be repaid, and growing by the second. But none of this has tunnel-visioned New York Times columnist Paul Krugman worried.

Today, Krugman, in a New York Times op-ed entitled "Scandal in France" (http://www.nytimes.com/2014/01/17/opinion/krugman-scandal-in-france.html?partner=rssnyt&emc=rss&_r=0), would have us know that he is not disturbed by François Hollande's "alleged affair with an actress," but rather distraught as the result of the intention of the French president "to reduce taxes on businesses while cutting (unspecified) spending to offset the cost." Krugman concludes:

"When Mr. Hollande became leader of the second-ranked euro economy, some of us hoped that he might take a stand. Instead, he fell into the usual cringe — a cringe that has now turned into intellectual collapse. And Europe’s second depression goes on and on."

Ah, yes, Hollande is suffering from "intellectual collapse," as is anyone who does not agree with Paul.

Reduce spending to offset costs? I do it almost every day, but then I am regrettably not in a position to print money.

Am I suffering from "intellectual collapse" like France's president? No doubt, but somehow without rumors of an alleged affair with a beautiful actress.

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