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Climate rage - Paul Krugman Blog - NYTimes.com
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Second, climate change runs up against the anti-intellectual streak in America. Remember, just a few years ago conservatives were triumphantly proclaiming that Bush was a great president because he didn’t think too much:
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But it’s the anti-environmental craziness that matters. An important part of the population just doesn’t want to believe in the kind of world in which we have to limit our appetites on the say-so of fancy experts. And so they angrily deny the whole thing.
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Op-Ed Columnist - An Affordable Truth - NYTimes.com
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The truth is that conservatives who predict economic doom if we try to fight climate change are betraying their own principles. They claim to believe that capitalism is infinitely adaptable, that the magic of the marketplace can deal with any problem. But for some reason they insist that cap and trade — a system specifically designed to bring the power of market incentives to bear on environmental problems — can’t work.
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But in 1990 the United States went ahead anyway with a cap-and-trade system for sulfur dioxide. And guess what. It worked, delivering a sharp reduction in pollution at lower-than-predicted cost.
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Double dip warning - Paul Krugman Blog - NYTimes.com
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But it has been clear for a while that it’s a serious possibility, for two reasons. First, a large part of the growth we’ve had has been driven by the stimulus — but the stimulus has already had its maximum impact on the growth of GDP, will hit its maximum impact on the level of GDP in the middle of next year, and then will begin to fade out. Second, the rise in manufacturing production is to a large extent an inventory bounce — and this, too, will fade out in the quarters ahead.
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Things to come - Paul Krugman Blog - NYTimes.com
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These losses will be worse because Obama, by pursuing a uniformly pro-banker policy without even a gesture to popular anger over the bailouts, has ceded populist energy to the right and demoralized the movement that brought him to power.
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The Dogbert theory of the debt - Paul Krugman Blog - NYTimes.com
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And bear in mind my point about causes of deficits: the deficits of the Reagan-Bush years were essentially gratuitous, the result of a desire to cut taxes while increasing military spending, rather than a response to a temporary emergency. So that debt burden should have been more worrying than what we’re facing now.
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Op-Ed Columnist - Taxing the Speculators - NYTimes.com
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Should we use taxes to deter financial speculation? Yes, say top British officials, who oversee the City of London, one of the world’s two great banking centers. Other European governments agree — and they’re right.
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It would, as Tobin said, “throw some sand in the well-greased wheels” of speculation.
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Deficits: the causes matter - Paul Krugman Blog - NYTimes.com
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We had an administration that was behaving in a deeply irresponsible way. Not only was it cutting taxes in the face of a war, which had never happened before, plus starting up a huge unfunded drug benefit, but it was also clearly following a starve-the-beast budget strategy: tax cuts to reduce the revenue base and force later spending cuts to be determined. In effect, it was a strategy designed to produce a fiscal crisis, so as to provide a reason to dismantle the welfare state.
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So the debt question is what happens when things return to normal: will we be at a level of indebtedness that can’t be handled once the crisis is past?
And the answer is that it depends on the politics. If we have a reasonably responsible government a decade from now, and the bond market believes that we have such a government, the debt burden will be well within the range that can be managed with only modest sacrifice.
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Notes on the dollar panic - Paul Krugman Blog - NYTimes.com
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Even now, the dollar is stronger than it was in early 2008. And the fall since its financial-panic peak (when everyone was rushing into the safety of US Treasury bills) has been trivial compared with the huge decline from 2002 to 2007. Do you remember all the scare stories, all the Wall Street Journal editorials, about the degradation of the dollar under Bush? Neither do I.
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The point is that the financial press has us scared about all the wrong things. By peddling scare stories about the dollar and the Chinese menace, it’s diverting attention from the real threat: mass unemployment.
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Gee, that’s De Pressing - Paul Krugman Blog - NYTimes.com
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When the 3.5% advance number came out, I took to warning people that even if the economy continued to grow at that rate, we wouldn’t see anything like full employment until late in Sarah Palin’s second term. Given the latest number, the date at which we can expect to see a return to full employment is … never.
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Money, mouth - Paul Krugman Blog - NYTimes.com
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All the serious people agree that the United States faces a debt time bomb. Never mind those low, low interest rates — big trouble is just over the horizon.
Meanwhile, Bill Gross of Pimco has increased his fund’s holdings of US-government-related debt from 48 percent in September to 63 percent now.
But hey, what does one of the most successful bond investors in history know?
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A familiar feeling - Paul Krugman Blog - NYTimes.com
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There’s something disturbingly familiar about the current deficit hysteria.
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There’s the way that many news stories seem to present only one side of the argument, and suppress or neglect contrary evidence (e.g., writing articles about how nervous investors are turning on Japan while never mentioning that the current interest rate on Japanese long-term debt is, um, 1.3 percent).
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