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It's hard enough to get people to understand the fairly straightforward concept of countercyclical spending (something that works even under a gold standard, and even under most of the less crazy marginalist models). People seem to believe that when the sovereign takes in a lot of money, it can afford to spend a lot of money, and when the sovereign takes in little money, it cannot afford to spend a lot of money... irrespective of the fact that these states are more often than not correlated to a bubble in the private sector and a significant underutilisation of economic capacity, respectively.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Oct 18th, 2010 at 05:27:11 AM EST
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