Paulie cribs from me again
Krugman discovers rentier interests—finally. Only my version is better.
Me, in Wall Street, 1996:
[B]ehind the abstraction known as “the markets” lurks a set of institutions designed to maximize the wealth and power of the most privileged group of people in the world, the creditor–rentier class of the First World and their junior partners in the Third.
Paul Krugman, today:
I was originally going to end this post by saying something about stupidity, but that’s not right: the people at the BIS aren’t stupid. What’s going on here is something different and worse: we’re seeing the desire for conventional respectability outweighing the lessons of history; we’re seeing vague prejudice (prejudice that just so happens to serve the interests of rentiers) trumping analysis.
And from his own link, to something from earlier this month:
Still, thinking of what’s happening as the rule of rentiers, who are getting their interests served at the expense of the real economy, helps make sense of the situation.
Why wait 15 years for Paulie to catch up, eh?