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Paul Krugman on CNN - Fake Alien Invasion Can Improve The Economy

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BackToThe60s Donating Member (266 posts) Send PM | Profile | Ignore Mon Aug-15-11 10:13 AM
Original message
Paul Krugman on CNN - Fake Alien Invasion Can Improve The Economy
 
Run time: 01:36
http://www.youtube.com/watch?v=E1Fzzs7oVaA
 
Posted on YouTube: August 15, 2011
By YouTube Member: eyezopenwide2
Views on YouTube: 344
 
Posted on DU: August 15, 2011
By DU Member: BackToThe60s
Views on DU: 3529
 
The brilliance begins at the 1:02 mark. :rofl:
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Moostache Donating Member (905 posts) Send PM | Profile | Ignore Mon Aug-15-11 11:06 AM
Response to Original message
1. Sadly Krugman has just marginalized himself.
I believe he is an important voice of sanity from the progressive side of the aisle; however, the only thing that will get attention is the "fake space alien invasion" and not the "government spending to employ the people during down times". I really wish he had said ANYTHING else because for the average person who knows nothing of economics that is not going to play well in Peoria...
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izquierdista Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 12:34 PM
Response to Reply #1
3. Only by telling the truth
This proceeds directly from Hermann Gring's theory of how to motivate people:

Gring:Why, of course, the people don't want war. Why would some poor slob on a farm want to risk his life in a war when the best that he can get out of it is to come back to his farm in one piece. Naturally, the common people don't want war; neither in Russia nor in England nor in America, nor for that matter in Germany. That is understood. But, after all, it is the leaders of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy or a fascist dictatorship or a Parliament or a Communist dictatorship.
Gilbert: There is one difference. In a democracy, the people have some say in the matter through their elected representatives, and in the United States only Congress can declare wars.
Gring: Oh, that is all well and good, but, voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country.


Apparently "work hard so some crumbs can fall off Lloyd Blankfein's plate into your lap" is not much of a motivator. As seen by the events in London, some people actually resent being told that.
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BackToThe60s Donating Member (266 posts) Send PM | Profile | Ignore Mon Aug-15-11 12:40 PM
Response to Reply #1
4. 100% Disagreement
The attention span of 136,489,797 Americans is that of a gnat. If I were Krugman, I would SHOUT that Jeeeeeeeeeezus is coming right after we reelect Obama, and He's bringin' free sex droids for EVERYBODY!
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 12:54 PM
Response to Reply #4
6. !
agreed!
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mlevans Donating Member (642 posts) Send PM | Profile | Ignore Mon Aug-15-11 01:12 PM
Response to Reply #4
8. I would love to be able to recommend your post.
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 12:53 PM
Response to Reply #1
5. it was an analogy, WTH are you talking about?
only a right wing liars would claim it wasn't an analogy. My gawd....
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Dokkie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 03:09 PM
Response to Reply #5
9. Analogy?
he uses the line all the time and this is not the 1st. He really believes that spending for the sole sake of spending money improves an economy. Hence the reason why he said that digging ditches and filling it up again, the Tsunami in Japan, the destruction of the Twin towers or any other wide scale destruction or unproductive govt program could spur economic growth in a time of low demand.

Preparing for a fake alien invasion is a plausible event that could happen and I don't think he was making an analogy. Jesus Christ, the man cannot be right all the time
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 05:09 PM
Response to Reply #9
10. When the problem is that there is not enough money in the economy..
because of private debt deflation, then, yes, absolutely, the monopoly currency issuer needs to put more money into the economy. Specifically, money needs to be put toward productive activity.
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Dokkie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 06:49 PM
Response to Reply #10
12. Exactamundo
"Specifically, money needs to be put toward productive activity" The keyword is "productive activity" not building up war arsenal or digging up and filling up ditches just for the heck of it.
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blank space Donating Member (266 posts) Send PM | Profile | Ignore Mon Aug-15-11 07:35 PM
Response to Reply #9
15. What - seriously -
dont bother commenting if you have no idea what Keynsian economics is - that is exactly what is needed - yes Tsunamis, filling ditches etc are EXACTLY what is need.

Seriously.
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-16-11 11:01 AM
Response to Reply #9
20. okeedokee.... whateverrrr
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Tutankhamun Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 12:57 PM
Response to Reply #1
7. I don't think he even plays in peoria.
He's fine here. No need for him to worry about ignorant, gullible dittoheads anyway. Just keep telling it like it is and the country will be fine (except it won't).
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hulka38 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 05:38 PM
Response to Reply #1
11. Only if you willingly misunderstand what he said.
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Dokkie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 06:54 PM
Response to Reply #11
13. Can you please tell me
In a simple way how you understand what he just said in the video. Because I think he was trying to say that spending even on unproductive activity (WW II or building up the military in preparation for an imaginary alien invasion) can jump start our economy. Not because we got out of the great depression after WWII means that WWII related spending was responsible for ending the depression. Heck we are in 6 wars now and there's still no end to this recession.
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Bluesbreaker Donating Member (205 posts) Send PM | Profile | Ignore Mon Aug-15-11 07:14 PM
Response to Reply #13
14. WWII was not like our current wars
The size of the armed forces were increased exponentially. That took care of a good chunk of unemployed working-age Americans. American industries were put on a 24/7 high output footing. Boeing, GM and many other companies retooled their factories and began working on a grand scale to make military products: jeeps, bombers, tanks, and all of the accoutrements that soldiers need, including uniforms, helmets, boots, guns, canteens, etc.

If we increased the size of the budget tenfold for infrastructure projects, repairing bridges, roads, sewer systems and other large capital improvement projects, unemployment would be reduced dramatically.

By the way, neither Krugman no Rogoff suggested digging ditches and filling them in again; that was the CNN host, Fareed Zakaria.
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SharksBreath Donating Member (381 posts) Send PM | Profile | Ignore Mon Aug-15-11 08:01 PM
Response to Reply #13
16.  Taxes were raised during WW2. They were raised everytime we went to war.
Except now.

Last year, The Urban Institute published a book called War and Taxes, that outlined the long history of shared sacrifice. Indeed, the history of Americas tax system can be written largely as a history of Americas wars, they wrote. Taxes from 1812 to 1815 that targeted retailers, sugar, carriages, and other items helped fund 40% of the War of 1812. The Civil War saw the nations first income tax--from the Union in 1862 and then the Confederacy a year later. World War II incorporated about 35 million previously untaxed citizens into the tax structure, in what would be the most thorough revision that the internal revenue laws have yet received.(To sell the tax to constituents, the government launched a campaign that employed the likes of Donald Duck quacking, Taxes to beat the Axis!) And during Vietnam, despite a reluctant President Johnson, a 10-percent surtax was added to the federal income tax. (In response more than a thousand people refused to pay their taxes in protest, including the wife of Michigan Senator Philip Hart.) During World War II, higher taxes were seen as necessary to defeat an enemy that had attacked American soil, and during the Vietnam war, in the face of immense public opposition, the efforts to raise taxes faced complex legislative hurdles. But the taxes were almost always justified as matters of necessity, often as a last recourse to fund a war that became more expensive than administrations originally anticipated.

http://www.tnr.com/blog/the-plank/the-war-tax-precedent


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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-16-11 11:02 AM
Response to Reply #11
21. of course it is willingly misunderstood... Krugman has angered
too many insiders... now the fans of the insiders are looking for any angle to marginalize him.
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kenfrequed Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-16-11 12:20 AM
Response to Reply #1
18. Well...
Either:

A: You weren't listening and clearly 'heard' the words "the only thing that will get attention is..."

or

B: You decided to add this part in for the purposes of ridiculing him because you never really agreed with him.

or

C: You are unable to understand an intentionally absurd situation being used to illustrate a point.

Take your pick.
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Enrique Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-16-11 07:07 AM
Response to Reply #1
19. Peoria will never see this
and no one in Peoria has ever heard of Paul Krugman. And by Peoria, neither of us means literally the town of Peoria, IL, of course.
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jakeXT Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-15-11 11:30 AM
Response to Original message
2. A Ronald Reagan plan, maybe Obama can get behind it
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Pit Stains Donating Member (11 posts) Send PM | Profile | Ignore Mon Aug-15-11 09:19 PM
Response to Reply #2
17. Why do people keep suggest that liberals want to spend
money doing useless things ?

Yes we COULD get the economy going by paying people to dig ditches then filling them up again, but why would we?? We have more than enough bridges that are not up to code. Something like 2/3 of our bridges are not up to code... We have plenty of jobs that NEED to get done.

Failing infrastructure = public debt

Eventually, we MUST repair that infrastructure, why not do it now while borrowing costs and labor are relatively cheap? Do it President Obama, spell it out for people, they will get it. Americans aren't that dumb.

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