| | Michael:
There is nothing special about Detroit'a bankruptcy, about Harrisburg's bankruptcy, etc. , other than these cities are showing the effects today.
The current Krugman et. al driven narrative is all about who and what left Detroit and why, about making even this failure all about race and class, and how to forcefully stop that from happening, by for example, taxing static wealth even more in the suburbs...to try shepherd static wealth into place in places like Detroit? Same noises being made in Phila.
Krugman doesn't have the first clue and never did, especially at Princeton. Detroit and Philly, etc., are failing not because of what left and what remains or even, because of a lack of static wealth; Detroit (and much of America not propped up behind some last flesh on the carcass via some gun of government) is failing because of what is not freshly arriving into Detroit and Phila; wealth production.
Wealth is not wealth production. Wealth is static, wealth production is dynamic. As always, the lustful tribe has got its focus on the day after payday. Our tribe is no longer able to focus on the events that precede payday--that long precede payday--or even acknowledge that such events even exist. "Assume a pure endowment economy"...is what drives Krugman's "Topsey-Turvey" models...and nobody gives the first shit to even check; he's still widely respected. Nobel Prize winner, no less.
He's an idiot.
Too much Marxist inspired static analysis driving the folks with clumsy forks. They keep seeing static piles of wealth, the residue of what is missing, long after the fact.
The Marxists do not have the first clue about wealth production, only consumption. And so, every problem to them looks like a problem of static distribution.
They will keep beating that dead horse long after the carcass is dead, because to do otherwise would be to admit, finally, they they are and have been totally clueless.
How can anyone familiar with the PR campaign that preceded the Great Society sell job in the 60s possibly not see the correlation between the Detroit of 2013 and the Detroit of 1963? The Great Society was launched explicitly with pictures of a destitute Detroit in 1963( as well as Appalachia), with the tacit assumption that this massive 'war on Poverty' was going to have some kind of positive impact.
Well, it has...in places like Alexandria and Vienna VA...just, not nearly so much in Detroit...and Appalachia...and Philly...and St. Louis....and Chicago...
What are we left with now? "We decreased the rate of decline...Detroit would have failed much sooner... if we hadn't have killed the engines of prosperity with our left wing Run The Economy nonsense."
Was there this much widespread ...denial... when the Titanic was slowly sinking? Meanwhile, it's full speed ahead with our port listing leaking ship of state.
regards,
Fred
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