The Radicalization of Paul Krugman: Exposing Class Interests of SadoMonetarists [View all]

[HomerRamone]

http://www.dailykos.com/story/2014/07/11/1313221/-The-Radicalization-of-Paul-Krugman-Exposing-Class-Interests-of-SadoMonetarists?detail=email

And conservatives don’t want to legitimize the notion that government action can ever have positive effects, because once you start down that path you might end up endorsing things like government-guaranteed health insurance.

But there’s also a much more direct reason for those defending the interests of the wealthy to complain about easy money: The wealthy derive an important part of their income from interest on bonds, and low-rate policies have greatly reduced this income.

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It turns out, however, that using monetary policy to fight depression, while in the interest of the vast majority of Americans, isn’t in the interest of a small, wealthy minority. And, as a result, monetary policy is as bound up in class and ideological conflict as tax policy.

The truth is that in a society as unequal and polarized as ours has become, almost everything is political. Get used to it.

His eyes are opening. Krugman started as a mainstream liberal. So did Joe Stiglitz. And they are seeing the limits of liberalism. Both are moving toward becoming class warriors for working people. The battle of intellectuals is not enough, but it helps. Just as Piketty's book does.