Richard “RJ” Eskow: Our nation was gripped by so many fallacies and delusions in 2012, the whole Mayan calendar end-of-the-world thing didn’t even make the list.
Steven Hill: So according to Krugmanomics, taking on too much debt is not the problem – it’s not being able to pay the debt that is the problem. And Krugman’s solution, apparently, is to be able to depreciate your currency and/or default on your debts, leaving the creditors holding the bag.
Instead of coddling oil-producing tyrants like Moammar Gadhafi and the Saud family, the United States and other industrial countries should let the market work. We should not pay a premium for oil by sacrificing our principles or pursuing unnecessary, costly and counterproductive military activities.