Denialism, Here and There

The latest from Dr. Prof. Krugman -- of course, you MUST go to the original. Click on link.
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Denialism, Here and There

OK, starting to clue back in, although not arriving in Cambridge until tomorrow.

What strikes me most, reading the current discussion of economic policy, is the extraordinary extent to which the Serious position depends on sending what actually happened over the past few years down the memory hole.

In the United States, we learn that Barney Frank was responsible for the housing bubble and the financial crisis. Who knew that a member of the minority party in the House, at a time when Republicans not only ruled the House with an iron fist but also controlled the White House, had such power?

In Europe, the new president of the Bundesbank tells us that

The current crisis is no crisis of the euro. It is a sovereign debt crisis of individual, smaller countries in the euro area, which is caused not least by the disregard of the rules.

which you can see clearly in the case of Ireland and Spain below:

Um, not.

You can only learn from history if you’re prepared to remember it as it actually happened. As it is …