Krugman and Tinkerbell

Today Krugman writes this:

The Cult That Is Destroying America


¶Watching our system deal with the debt ceiling crisis — a wholly self-inflicted crisis, which may nonetheless have disastrous consequences — it’s increasingly obvious that what we’re looking at is the destructive influence of a cult that has really poisoned our political system.

¶And no, I don’t mean the fanaticism of the right. Well, OK, that too. But my feeling about those people is that they are what they are; you might as well denounce wolves for being carnivores. Crazy is what they do and what they are.

¶No, the cult that I see as reflecting a true moral failure is the cult of balance, of centrism.

¶Think about what’s happening right now. We have a crisis in which the right is making insane demands, while the president and Democrats in Congress are bending over backward to be accommodating — offering plans that are all spending cuts and no taxes, plans that are far to the right of public opinion.

¶So what do most news reports say? They portray it as a situation in which both sides are equally partisan, equally intransigent — because news reports always do that. And we have influential pundits calling out for a new centrist party, a new centrist president, to get us away from the evils of partisanship.

¶The reality, of course, is that we already have a centrist president — actually a moderate conservative president. Once again, health reform — his only major change to government — was modeled on Republican plans, indeed plans coming from the Heritage Foundation. And everything else — including the wrongheaded emphasis on austerity in the face of high unemployment — is according to the conservative playbook.

¶What all this means is that there is no penalty for extremism; no way for most voters, who get their information on the fly rather than doing careful study of the issues, to understand what’s really going on.

¶You have to ask, what would it take for these news organizations and pundits to actually break with the convention that both sides are equally at fault? This is the clearest, starkest situation one can imagine short of civil war. If this won’t do it, nothing will.

¶And yes, I think this is a moral issue. The “both sides are at fault” people have to know better; if they refuse to say it, it’s out of some combination of fear and ego, of being unwilling to sacrifice their treasured pose of being above the fray.

¶It’s a terrible thing to watch, and our nation will pay the price.
Ha! You want to define what a cult is? Fine. The magical belief that money is wealth. And guess what? You are one of its leading propagandists. So much so that you were given their booby prize. We have allowed a small clique of financiers to loot our productive capacity year after year by succumbing to this irrational belief. No amount of magical manipulation of the money supply whether it be Keynesian or Von Misean makes one whit of difference. The only answer is to end the control of Wall Street and the City of London by re-enacting Glass Steagall, allowing the speculators to go belly up, and re-instituting a Hamiltonian use of our nation's credit to productive long term investments that are productive of physical wealth, not fictional monetary lucre.