Paul Krugman

Today we can read in the NYT:

"But the Brown government has shown itself willing to think clearly about the financial crisis, and act quickly on its conclusions. And this combination of clarity and decisiveness hasn’t been matched by any other Western government, least of all our own."

This is the clear thinking I expect from an intellectual like the Nobel Prize winner, Paul Krugman.

I first met this economist's work in "The Great Unraveling", a great book that more than ever must be a required reading book for those concerned about the economic situation of the world.

In this NYT article we can read also:

"This sort of temporary part-nationalization, which is often referred to as an “equity injection,” is the crisis solution advocated by many economists — and sources told The Times that it was also the solution privately favored by Ben Bernanke, the Federal Reserve chairman."

It seems that when it comes to financial issues, capitalist do not base their decisions on political slogans, they talk to intelligent men like Mr. Krugman.

Finally, I want to bring up this last point:

"It’s hard to avoid the sense that Mr. Paulson’s initial response was distorted by ideology. Remember, he works for an administration whose philosophy of government can be summed up as “private good, public bad,” which must have made it hard to face up to the need for partial government ownership of the financial sector."

Well said.