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I never said it was. But it is tantamount to Big Government and massive government spending which are the cornerstones of Krugman's flawed philosophy.
MASSIVE RESPONSE FAIL.
Every austerity program that has been implemented in Europe has been a trainwreck. They've resulted in massive unemployment, huge benfit cuts, and demonstrations. The stimulus we've enacted turned around our declining GDP, reversed unemployment claims, and lowered the overall unemployment level. More evidence suggests that the only thing that would have helped is a BIGGER stimulus.
Total government control of the economy is a Krugman wet dream. But the results are disastrous.
China hasn't been a command economy since the 1970s. In some ways China is more capitalistic the the US. Furthermore a lot of the real estate issue is driven by private speculation.
Every austerity program that has been implemented in Europe has been a trainwreck. They've resulted in massive unemployment, huge benfit cuts, and demonstrations. The stimulus we've enacted turned around our declining GDP, reversed unemployment claims, and lowered the overall unemployment level. More evidence suggests that the only thing that would have helped is a BIGGER stimulus.
Flawed? nope.
I see you drink the Krugman Koolaid. That explains why you live in fairytale land.
Here is a link that might help you understand Krugman better;
China hasn't been a command economy since the 1970s. In some ways China is more capitalistic the the US. Furthermore a lot of the real estate issue is driven by private speculation.
Hmmmm.... and yet the GOVERNMENT is demanding that people build these ghost cities. Did you even watch part of the OP link?
Heres a fraction of the wasteful US government spending parked out in the Arizona desert. The newest plane the F-35 will cost 1.5 trillion dollars....and yet the government is demanding we build more planes....
Hmmmm.... and yet the GOVERNMENT is demanding that people build these ghost cities. Did you even watch part of the OP link?
The ghost cities are a fascinating topic. With that said they are not entirely state projects. The local officials support them because they are a good way to add GDP to the province, but their construction is fueled by a Chinese real estate boom that has been ongoing for several years. All of those "ghost cities" are for the most part privately owned by investors and homeowners who purchased during construction and are just starting to move in or in some cases private developers are going under. Basically it is a mix of some state planing with a lot of private speculation by ordinary Chinese.
The ghost cities are a fascinating topic. With that said they are not entirely state projects. The local officials support them because they are a good way to add GDP to the province, but their construction is fueled by a Chinese real estate boom that has been ongoing for several years. All of those "ghost cities" are for the most part privately owned by investors and homeowners who purchased during construction and are just starting to move in or in some cases private developers are going under. Basically it is a mix of some state planing with a lot of private speculation by ordinary Chinese.
During the real estate boom we had our own ghost suburban tracts in places like the California high desert, Las Vegas, and Salton Sea. In some case the homes were torn down before they were finished. In some areas hundreds are still vacant. I guess we can blame that on Bush and the Republicans and big government planning.
Expansionary monetary policy in the wake of a recession, which is what Krugman advocates, isn't tantamount to command-economy communism. The comparison is like saying George Bush wants the USA to be like Iran because he is a religious person.
MASSIVE THREAD FAIL.
How many years should we continue to do it ?
Recession ended June 2009.
We are going into year 5 and the talking heads still don't like what they see.
During the real estate boom we had our own ghost suburban tracts in places like the California high desert, Las Vegas, and Salton Sea. In some case the homes were torn down before they were finished. In some areas hundreds are still vacant. I guess we can blame that on Bush and the Republicans and big government planning.
That is just the thing. Quite frankly there hasn't been a command economy in China since Deng Xiaopeng decollectivized farming, broke up the "Iron Rice Bowl" state industries and allowed private enterprise. The issue in China is similar to issues the US and the UAE had in that there is a whole lot of speculation, coupled with insufficient infrustracture. It is basically just a real estate boom happening in a country of 1.3 billion people which makes it bigger then anything we have seen.
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