Writing in the NYT, Nobel-winning economist Paul Krugman explains how creditor-friendly economic policies create "rule by rentiers," an economic situation that doesn't create good jobs or help homeowners:
While the ostensible reasons for inflicting pain keep changing, however, the policy prescriptions of the Pain Caucus all have one thing in common: They protect the interests of creditors, no matter the cost. Deficit spending could put the unemployed to work -- but it might hurt the interests of existing bondholders. More aggressive action by the Fed could help boost us out of this slump -- in fact, even Republican economists have argued that a bit of inflation might be exactly what the doctor ordered -- but deflation, not inflation, serves the interests of creditors. And, of course, there's fierce opposition to anything smacking of debt relief.
Who are these creditors I'm talking about? Not hard-working, thrifty small business owners and workers, although it serves the interests of the big players to pretend that it's all about protecting little guys who play by the rules. The reality is that both small businesses and workers are hurt far more by the weak economy than they would be by, say, modest inflation that helps promote recovery.
No, the only real beneficiaries of Pain Caucus policies (aside from the Chinese government) are the rentiers: bankers and wealthy individuals with lots of bonds in their portfolios.
Rule by Rentiers
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