David Brooks helps Krugman look like a serious economist:
Quote:
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Global capitalism is an innovative force, they [Republicans] could argue, but we have been reminded of its shortcomings. When exogenous forces like the rise of China and a flood of easy money hit the global marketplace, they can throw the entire system of out of whack, leading to a cascade of imbalances: higher debt, a grossly enlarged financial sector and unsustainable bubbles.
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China, a country on the rise in no small part because it has gone capitalist pig, and government banks printing money....these are short comings of a free market???
Brooks seems to get that 'higher debt, a grossly enlarged financial sector, and unsustainable bubbles' are intrically linked with a flood of easy money, so I suppose that's a step forward.