Posted by: Dirk | June 1, 2010

‘Dowmocracy’ revisited

More than a year ago I used the term dowmocracy, defining it as follows:

Government has to do everything to increase the Dow Jones index. If it does, government is good. If not, not.

Why do I bring it up? Well, Paul Krugman and Martin Wolf have the same kind of feeling. Paul Krugman writes on his blog:

Wolf writes:

“I have now lost faith in the view that giving the markets what we think they may want in future – even though they show little sign of insisting on it now – should be the ruling idea in policy.”

Amen. Yet most of the men in the room where I’m now sitting believe the contrary. With a few exceptions, everyone is calling for fiscal austerity everywhere, right now.

Let me repeat my May 2009 punch line and quote from the Gettysburg address once again:

It is rather for us to be here dedicated to the great task remaining before us—that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion—that we here highly resolve that these dead shall not have died in vain—that this nation, under God, shall have a new birth of freedom—and that government of the people, by the people, for the people, shall not perish from the earth.

Still got nothing to add.


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