Monday, December 20, 2010

"Failed" economics

Krugman wonders in a post today about how future historians will view 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."

He reads the situation correctly, but I think he misses a key point about the dynamic. The failure of the "free market fundies" is only confined to the working class. It's been very good to the investor class who are still making more than enough money and then some. Since our investor class and our ruling class are one and the same, from their POV, this failure has been a great success.

As long as they can keep the pitchforks and torches at bay by selling their snake oil sloganery to the rubes, they'll continue their pickpocketing of the economy for as long as they can get away with it.


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