Mitt Romney's Ridiculous Comparison of US to Greece
￼by John Carney, Senior Editor, CNBC.com
Excellent piece. Concise, clear and precise. HIts home.
Between President Obama saying that the US is running out of money, and Mitt Romney, the likely GOP nominee, saying that US can become Greece, it's difficult to say who is more out of touch with the reality of the existing monetary system. It is clear that neither of them have a clue.
None of the other GOP candidates seem to have a clue either, since they advocate balanced budgets and fiscal austerity in the face of a intractable high unemployment and lagging effective demand, with saving increasing and the government yield curve collapsing. They seem to be rooting for deflationary depression.
Here are Warren's related posts:
Romney: US could face ‘financial crisis’ like Greece, Italy if Obama is reelected
UPDATE: Mark Thoma: Mitt Romney endorses "the Big Lie"
Romney: “The reason we have the housing crises we have is that the federal government played too heavy a role in our markets,” Romney said in a Nov. 9 Republican debate. “The federal government came in with Fannie Mae (FNMA) and Freddie Mac, and Barney Frank and Chris Dodd told banks they had to give loans to people who couldn’t afford to pay them back.”
quoted at Bloomberg: Romney-Gingrich Bid to pin Crisis on Gov't by David J. Lynch