That’s the title of Krugman’s February 14thop-ed in the Times. I just want to say I feel badly, thinking that maybe I jinxed Marco’s presentation by linking him to the water game, “Marco Polo.”
Now Krugman, one of our major economists, says Marco’s brain has been consumed by the zombies, false ideas that refuse to die. So, that’s a relief.
But, why isn’t Krugman making the point that Congress trying to ration U.S. dollars is at the root of our problems, not just because rationing anything is known to lead to hoarding, but because a figment of the imagination, which is what money is, is the last thing on earth that can/should be considered scarce and in need of husbanding.
Which, when you come to think of it, may actually be germain. It seems what we’ve got on Capitol Hill is a bunch of people whose husband-like skills are almost nil, so, instead, they indulge in the imaginary kind. Unfortunately, as so often happens, ideas have real life consequences. Rationing, hoarding or sequestering the currency can interfere with how goods and services are exchanged. Sort of like illiteracy hampers how well people get along in life.