Monday, 24 December 2012

Doomsday Prophets Have Got It Wrong: Krugman"s Got It Right Again

Fiscal conservatives and the Mayan calendar nuts: both wrong in their prophecies, Paul  Krugman says once again:

" The key thing we need to understand, however, is that the prophets of fiscal disaster...are at this point effectively members of a doomsday cult. They...will hold to their belief no matter how many corners we turn without encountering that crisis.

"So we cannot and will not persuade these people to reconsider their views in the light of the evidence. All we can do is stop paying attention. It’s going to be difficult, because many members of the deficit cult seem highly respectable. But they’ve been hugely, absurdly wrong for years on end, and it’s time to stop taking them seriously."

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