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View Diary: Structural Stupidity on PBS, Debunked by Krugman and Baker (123 comments)

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  •  People can't spend money they don't have. (5+ / 0-)

    Why, despite the Federal Reserve pouring dollars into the economy, don't people have more money? Because the dollars are being scooped up by speculators and sequestered just as surely as if they were being stashed in some underground vault.

    Think of it as similar to a golfer using one ball for a round of golf while another fellow pitches buckets full of balls into the surf. You may consider each to be engaged in a worthless enterprise, but if the number of balls used or wasted is an issue, then the fellow hitting balls into the surf, to wash up in marshes and contaminate the soil for decades, is a menace. Ditto for the blokes on Wall Street chucking dollars into derivatives and swaps and other esoteric constructs. Call it dollar abuse.

    We organize governments to deliver services and prevent abuse.

    by hannah on Sun Aug 04, 2013 at 03:41:18 AM PDT

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