You know, the NYT resident economist. The idea isn’t going viral yet, but when it gets into the NY Times it’s definitely going “mainstream”.
Apparently this is prompted by the OWS phenomenon, which has a lot of people scratching their heads.
But not around here.
It also has some people concerned about “mobs”, which I take it means civil unrest, which is another favorite discussion topic around here. Predictably, these people are Republicans. And they are in Congress.
I can hyperlink to my own old stuff on this blog all day on this subject. Is that narcissistic? But then if I just repeat myself all the time is that a bad sign in its own way, not to mention tiresome?
What Krugman and whoever else is contemplating the idea have to now realize and wrestle with is: how do you do “debt relief”? The answer that you very quickly come to is that once you start down that road, there’s no principled way to stop until you have included everyone, and all debt. And that has to be done through a constitutional amendment, at least in the US.
But it’s nice to see some people catching up. God, does the world need more lawyers.