[ExI] Deficit spending and never admitting you were wrong

John Clark johnkclark at gmail.com
Tue May 26 21:37:32 UTC 2020

On Tue, May 26, 2020 at 4:58 PM spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

> *>> …Many economists, including yours truly, considered these fiscal and
>> monetary developments reasonable under the circumstances. It was, we
>> argued, a good thing to run deficits in a slump, with little risk that
>> these deficits would create any kind of crisis. It was also a good idea to
>> print money, with little risk that doing so would lead to inflation…
>> Krugman*
> > John your theory

It's not my theory, it's the theory of a Nobel Prize winner in economics
who was proven to be absolutely right in 2008 and the Republican deficit
hawks were proven to be dead wrong, although they never admitted they
were wrong
about anything and they are singing the same silly song now as they did in

> will get a test very soon.

And if it passes that test in 2020 as it did in 2008 will you admit that
this time you were wrong and deficit spending is not always a bad thing and
economic depression is just as bad as economic inflation?

> *If they do, why not just print more money instead of anyone going back
> to work? *

I've answered that question more than once, but you keep asking it over and
over and over again. So I must conclude that you think if zero is too small
a number for something to work in the real world and infinity is too large
then there is no way there can be any number between those two extremes
that could work. I disagree, I think such a number might exist.

*> My theory: we can’t print our way out of trouble. *

And in 2008 that theory turned out to be not worth a damn, what makes you
think it will do any better in 2020?

John K Clark
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