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The Times tells us that rising private savings are a problem — and it is. I wrote long ago that we had entered a world in which virtue was vice and prudence was folly, and we're still in that world 1/ nytimes.com/2020/02/17/bus…
Here's that article. But make the connection! If excessive private savings are a problem, so are excessive government savings. Fiscal austerity is destructive for exactly the same reasons high savings depress the economy 2/ nytimes.com/2008/11/14/opi…
And the Japanese have just given us another illustration 3/ nytimes.com/reuters/2020/0…
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More from @paulkrugman see all

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Paul Krugman
@paulkrugman
If the goal of a short-term stimulus is to put money in people's hands, then we should put money in people's hands: just mail out checks. There is no reason to structure it as a payroll tax cut, which does nothing for those not getting paychecks 1/
There's also a powerful case for aid to state and local governments trying to cope with this crisis — which would also help sustain spending. So why a tax cut? 2/
The answer, I suspect, is that Trump and his party want to maintain the pretense that tax cuts are the answer to all problems, even when in practice they're being purely Keynesian right now 3/
Read 4 tweets
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Paul Krugman
@paulkrugman
A bleak thought: I often tell people not to worry too much about disasters in advanced countries, because such countries are incredibly resilient. They have wealth; they have competent civil services. For example, I've never bought into the disaster scenarios for Brexit 1/
But what if the competence of a country's bureaucracy — aka its deep state — has been undermined by leadership that demands obsequious loyalty, disdains expertise, and punishes anyone who tells it what it doesn't want to hear? 2/
In other words, is Trump's America still an advanced country as we normally imagine it? We have huge reserves of expertise and talent to deal with crises, but these people are disdained and distrusted 3/
Read 4 tweets
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Paul Krugman
@paulkrugman
There are now good reasons to believe that the coronavirus will hit America especially hard, even though it originated in China. Why? Because it plays into multiple pre-existing weaknesses 1/
First, we have a man-child as president: not only does he judge everything solely in terms of whether it makes him look good, he has a very short-term focus. Downplay the threat to win today's news cycle, never mind what might happen down the road 2/
He also can't admit mistakes. Every past decision was perfect. So no capacity to adjust. 3/
Read 10 tweets

Related threads

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Chris Perruna
@cperruna
1) Stocks to Watch 2020 - February Update THREAD

Overall, +9.75%
8 double digit gainers
3 stocks with 20%+ gains
1 even stock
5 negative returns

$ZM $SQ $WORK $CRWD $SHOP $MDB $SE $OKTA $TCEHY $STNE $PYPL $LVGO $CGC $SNAP $ROKU

chrisperruna.com/2020/01/05/sto…
2) $ZM - $105.00, up 54.32%, it has been the anti #COV-19 stock but the latest weekly candle ended in the bottom half. I still like long term but it may digest some of the YTD gains which will provide a decent entry area. Above or near the 200d would be great.
3) $SQ - $83.33, up 33.2% YTD, the stock reported solid earnings and looks poised to make a run once the market stops falling and shakes the concerns surrounding the virus. #long shares
Read 16 tweets
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Jeff McFadden
@homemadeguitars
OK. So, picking up where I left off at the end of the below thread -
Indigenous people. Recently I have been seeing the phrase, and the concept, often. Who are indigenous people, and why do we even think about them by that group identity?
They're the people before the colonists.
2. You can pick that process up in a lot of places, but just for the sake of discussion, let's talk about Rome.
Before Rome conquered all of Europe, there were all these different indigenous peoples up there, living different lives, drastically unlike the lives Europeans came to
3. I mean, there used be Neanderthals and Denisovians, and you can follow it back that far, but even since then, Great Britain, the big island, was a whole bunch of peoples. Before nation-states, back then. Then came Rome.
Why? Why did Rome come colonize Europe?
Read 19 tweets
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Filomena Rocha
@Filomen03258997
21. United States decided to label #IRGC terrorists. But who are the real terrorists? Who created, trained, armed & financed the worst terrorist groups in the world?

#Hypocrites #DoubleStandards #Liars #Warlords #USRealTerrorists
1 to 20. United States decided to label #IRGC terrorists. But who are the real terrorists? Who created, trained, armed & financed the worst terrorist groups in the world? 🤨👇🏼
threadreaderapp.com/thread/1166502…
"#Iran's president Hassan Rouhani presented an ultimatum of two months to the #EU to save the #Iran nuclear deal. However, the deal is likely to continue to deteriorate, says The Independent's Patrick Cockburn"
Read 197 tweets
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Adam Minter
@AdamMinter
A long-ish thread on what happens when a major news outlet reports on a multi-billion dollar industry without bothering to look at industry data, first.

I am, of course, talking about the NYT's recent reporting on America's so-called recycling crisis.
I'll start with this widely circulated March 16 story by @mcorkery5.
nytimes.com/2019/03/16/bus…
The problems start even before the story does. Note the dek below the headline, which makes the erroneous claim that China "is no longer accepting used plastic and paper."
Read 24 tweets
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5'7'' Black Male
@absurdistwords
No. No it didn't. It transformed from an openly racist society to a racist society with plausible deniability.
It's true that if you measure openly racist attitudes held by individuals, they have diminished significantly since the 60s.

But this ignores the systemic nature of racism.

Or what true anti racism looks like
A non-racist society isn't just one where white individuals don't believe Black people are subhuman.

It's one where white individuals voluntarily confront the magnitude of the evil white America has sustained against Black people and the fact that the mechanisms still work.
Read 13 tweets
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Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets

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