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Krugman's Social Media Feud Inspires Opera Nostra Culpa; February 22, 2013

By the WealthCycles staff:

"A new opera based on, of all things, an argument between two different economic philosophies, will premiere this spring. Meanwhile, the argument that inspired the musical work continues to simmer: Does economic austerity work? As Michael Maloney might say of a similar arguments over the efficacy of free markets: “We’ve never tried it.”

Last year financial columnist and sometime comedian Paul Krugman, evidently miffed at the good press the tiny Balkan nation of Estonia was getting for its apparent economic turnaround, posted a blog article denying that Estonia’s austerity program was a success. Estonian President Toomas Hendrik Ilves responded in a huff, via Twitter, to defend his nation’s honor, with a frankness of language rarely exhibited by a chief executive. The global media, of course, delighted in the conflict, and for a day or three the snit dominated international headlines.


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Thanks for posting this. I

Thanks for posting this. I enjoyed several of the other pieces on the site as well.

Good read

Good read

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."