Mike Shedlock, aka Mish, passes along some chilling news to start the week: Influential Keynesian economists like Paul Krugman and Anatole Kaletsky are pushing the governments of Gordon Brown and Barack Obama to spend even more money than they have proposed to bail the UK and US out of the depression we’ve entered.
What’s more, Kaletsky suggests that government force interest rates down to near-zero and tax bank deposits to “force those with cash to use it productively”!
It was uncontrolled spending by everyone — government, corporations, you and me — that got us into this mess. Krugman, Kaletsky, and, it appears, the governments responsible for the leading economies in the Western Hemisphere, believe that the way to solve the problem is to punish anyone who tries to save money.
Read Mish’s piece, and then have a strong coffee.