As we have noted previously, Donald Luskin has organized a truth squad to monitor the utterances of the increasingly desperate Paul Krugman of the increasingly desperate New York Times. In today’s piece for National Review Online, Luskin explains how Krugman purports to find that Bush’s policies are about to unravel due to deflation and the “liquidity trap.” Luskin’s refutation of Krugman’s economic analysis sounds persuasive, but I don’t really know enough about economics to opine with confidence. I will say that Krugman reminds me of certain Marxists I knew in my college days who, almost monthly, would seize on this or that piece of bad economic news and pronounce that the crisis of capitalism had arrived. Krugman has substituted the phrase “great unraveling” (the title of his new book) for “crisis of capitalism.” It’s just around the corner, folks.
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