U.S. Senator Barbara Boxer (D-CA) will introduce legislation when the Senate comes into session later today that would eliminate the Electoral College and determine the winner of presidential elections by the outcome of the popular vote.
"Everything about recent experience," Paul Krugman says, "suggests that the world desperately needs fiscal expansion to boost demand and... that our sole reliance on central banks isn’t working."However, the "recent experience" Krugman refers to doesn’t actually back his case.
"...it’s clear that almost everyone on the center-left, myself included, was clueless about what actually works in persuading voters. Tuesday’s fallout will last for decades, maybe generations." It will not matter. Whatever the problem, government is not the solution.
So here we are, disgust from so many, euphoria from others, and LOTS of uncertainty about what’s to come. Meanwhile, all the disgust and euphoria - these are intense emotions that cloud judgment. We human beings tend to make very bad decisions... and miss a lot of important cues... when we’re emotional.
Sadly, our self-serving Ruling Elite is only capable of resisting needed transformation by supporting a corrupt, sclerotic status quo. A new leadership class that actually understands the new mode of production may eventually emerge, but only after the corrupt, sclerotic status quo has deservedly collapsed under its own weight.
"We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck... But, there is no mechanism forcing it to alter its models when they don’t appear to work."