Skip to main content

Isn't eviscerates a great word?

Paul Krugman today literally disembowels Paul Ryan's economic philosophy, demonstrating how it derives from absolutely nutty ideas contained in the novels of Ayn Rand that are either a) exceptionally radical, b) completely disproved by real economic events or c) both.

First, Krugman explains that Ryan's desire to shift wealth from the poor to the richest, by shredding the safety net and using the money to lower the taxes paid by the 1%, is due to his "contempt for moochers," and his adoration of those who earn great wealth. Of course he disguises his contempt by saying that these measures will help poor people, and that's what he wants. See, he's concerned that they don't get too lazy or anything like that while they live on the high life of food stamps. Ryan's ideas on this come straight from Rand.

Many of you all have heard that before, so let me move on to the next section, where Krugman brings up something a bit less well known, but far more bizarre in Ryan/Rand's economic fictional world. Apparently, Ryan's "thinking" on monetary policy derives not from any study of economic history and data, but from the novel he read as a teenager (insert the quote about orcs here), "Atlas Shrugged." I'll let Dr. Krugman speak for himself:

Well, it’s right there in [the aforementioned] 2005 speech to the Atlas Society, in which he declared that he always goes back to “Francisco d’Anconia’s speech on money” when thinking about monetary policy. Who? Never mind. That speech (which clocks in at a mere 23 paragraphs) is a case of hard-money obsession gone ballistic. Not only does the character in question, a Galt sidekick, call for a return to the gold standard, he denounces the notion of paper money and demands a return to gold coins.
Krugman then reminds us that we've been using paper money in the United States as our primary form of currency for a very, very long time. Two hundred years in fact. He makes the point that Ryan seems to want to bring us back to the good old days, in terms of economic thinking, of the eighteenth century.

Then Krugman delivers the coup de grâce:

Does any of this matter? Well, if the Republican ticket wins, Mr. Ryan will surely be an influential force in the next administration — and bear in mind, too, that he would, as the cliché goes, be a heartbeat away from the presidency. So it should worry us that Mr. Ryan holds monetary views that would, if put into practice, go a long way toward recreating the Great Depression.

And, beyond that, consider the fact that Mr. Ryan is considered the modern G.O.P.’s big thinker. What does it say about the party when its intellectual leader evidently gets his ideas largely from deeply unrealistic fantasy novels?

These are really good questions, no?

Originally posted to Ian Reifowitz on Fri Aug 24, 2012 at 07:13 AM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement, The Federation, Jews For President Obama, Invisible People, and Pink Clubhouse.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

a gilas girl, Kitty, Doug in SF, Sylv, vicki, TXdem, dwellscho, ROGNM, True North, teacherken, Joan McCarter, MarkC, NYmom, RunawayRose, krwada, CleverNickName, SanJoseLady, eeff, Pompatus, expatjourno, Zinman, TracieLynn, whenwego, CoolOnion, mkfarkus, otto, Aquarius40, ovals49, Cedwyn, WeNeedKerry, Getreal1246, Joe Bacon, pat bunny, Penny Century, Chirons apprentice, Dood Abides, Brian82, Diana in NoVa, zerelda, Sembtex, side pocket, randallt, KayCeSF, tomjones, JayDean, Marianne Benz, rmx2630, Gowrie Gal, Los Diablo, ExStr8, maybeeso in michigan, Jeffersonian Democrat, LarisaW, Militarytracy, KnotIookin, kitchen sink think tank, ccasas, dewtx, stagemom, Brooke In Seattle, Laurence Lewis, SaraBeth, Ice Blue, most peculiar mama, blue jersey mom, markdd, Sandino, Rusty in PA, Ekaterin, mrchips46, JanF, Oye Sancho, Jim R, kovie, Orinoco, WB Reeves, Keone Michaels, vigilant meerkat, Mr Bojangles, tonyahky, Son of a Cat, Lefty Coaster, DarkestHour, real world chick, mbdunn, MBNYC, AllDemsOnBoard, oakroyd, Turbonerd, chicating, doingbusinessas, Texdude50, blueoregon, slksfca, sea note, cpresley, DBunn, Cronesense, Habitat Vic, Loudoun County Dem, ksp, gloriana, Mary Mike, deepeco, sfbob, mbh1023, AnnArborDem, SeaTurtle, Wreck Smurfy, GeorgeXVIII, madgranny, JML9999, South Park Democrat, TomP, Empower Ink, MKinTN, gundyj, Jesselyn Radack, TX Freethinker, RickMassimo, wayoutinthestix, Tchrldy, Involuntary Exile, bythesea, Laughing Vergil, Akonitum, mikeconwell, Calamity Jean, Lujane, rssrai, tofumagoo, pamelabrown, catly, alnep, mofembot, legendmn, clent, MrsTarquinBiscuitbarrel, Rhysling, hummingbird4015, shortmama, G Lipper, stchasen, Carol in San Antonio, pvlb, jennylind, elziax, papahaha, IreGyre, Question Authority, realwischeese, stevenwag, haremoor, astral66, collardgreens, ruscle, Clyde the Cat, BlueOak, Amber6541, brentbent, confitesprit, OrangeMike, eXtina, estreya, jethrock, Crabby Abbey, LOrion, NM Ray, womankind, Eddie L, gulfgal98, Betty Pinson, ericlewis0, petesmom, fiercefilms, slice, Mac in Maine, no way lack of brain, Onomastic, Jane Lew, annieli, redlum jak, Hill Jill, Dretutz, spooks51, Bob Duck, bgblcklab1, sostos, vahana, poorbuster, BlueJessamine, fishboots, asterkitty, OhioNatureMom, lillyspad, jakewaters, princesspat, YuccaPete, sethtriggs, thomask, Muskegon Critic, BarackStarObama, floridablue, createpeace, Fire bad tree pretty, wintergreen8694, antooo, peregrine kate, volleyboy1, MinistryOfTruth, Mets102, SoCalSal, SteelerGrrl, thejoshuablog, jham710, DRo, Mentatmark, jaebone, DEMonrat ankle biter, No one gets out alive, OldDragon, leathersmith, cwsmoke, angry marmot, Williston Barrett, Siri, IndieGuy, Joieau, a2nite, Lorinda Pike, shanesnana, belinda ridgewood, MartyM, doroma, cuphalffull, jeannew, Kinak, ItsaMathJoke, history first, Gale Hollis, Marjmar, databob, CalBearMom, Greatwyrm, Sue B, nomandates, Dallas L, The grouch, Eric Twocents, pilotron82, SanFernandoValleyMom, Southcoast Luna, Jollie Ollie Orange, JerryNA, paccoli, LaraJones, Icicle68, Smoh, DemInDuluth, Abby Hemani, rigcath

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site