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November 7, 2011
There was an odd dispute out on the web, where
Yves Smith accused Paul Krugman of trying to
co-opt the "Occupy Wall Street" movement.
In the early days, the quote
Mainstream unquote opinion concerning
the Occupiers was that they couldn't Actually... to an old Critical
be taken seriously because they had Mass rider like myself, that
no definite position or demands. seems rather familiar, and
unusually wise for a protest
Paul Krugman responded that movement.
the problems with Wall Street
are really pretty obvious, The very existence of Critical Mass
and it's a bit much to expect carried with it a definite message:
the demonstrators to be able suddently bicycles went from
to fill in the details on invisible to front page news.
plans to fix them.
The lack of any definite leadership
Hassling them about being conveys immense advantages: there's
vauge is besides the point, no top of the hierarchy that can be
and he closed with a remark targeted.
about how really it was the
responsibility politicians and The lack of a definite position
academics (including statement means there's nothing out
economists like himself) to there they can try to poke holes
come up with the detailed in or beat back with a counter-spin.
Yves Smith (the alias used by the
author of the "Naked Capitalism" It's a rather brilliant
blog, and the book "Econned") alias at that: she's not
posted a one-liner accusing "Adam Smith", she's
Krugman of elitism; he just didn't "Eves Smith".
get that the elites are all
corrupt and can't be trusted to do
the right thing.
Even after Paul Krugman's
attempt at clarifying what
he meant, she was unrepetant:
his position "only looks benign".
This seems really bizarre, coming
from someone as evidentally knowledgeable
as Yves Smith. Who exactly *is* going
to propose new financial legislation E.g. is all we need
except for some sort of expert in the a restoration of
field, like Krugman or Stiglitz, or Glass-Steagall?
for that matter Yves Smith herself? Does it need to be
updated to cover new
Should those financial
"innovations" just be
The problem of the need
for experts, and for leaders,
should be well-known...
The idea that we can simply
do away with them also has
it's problems, a point which THE_PROFESSIONAL_GOODMAN
should also be well known.
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