The Krugman Speaks

From Krugman's blog at NYT:

"A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines." (Ralph Waldo Emerson)

I don’t know about the divines bit, but the little statesmen thing is completely accurate. Suppose George Osborne were to admit that austerity isn’t working. What, then, would be left of his claim to be qualified to do, well, anything? He has to stick it out until something turns up,no matter how many lives it destroys.

Pretty much the same thing is going on among pundits now stuck in what Jonathan Chait memorably calls the “fever swamp of the center”. Suppose that some pundit who has spent his whole career calling for bipartisanship, a compromise between the extremes of left and right, were to admit the plain fact that Obama is very much a centrist, who is in particular proposing deficit reduction through exactly the kind of mix of tax hikes and spending cuts “centrist” pundits demand — and that the GOP, by contrast, is an extremist organization whose extremism is almost solely responsible for the bitterness of the partisan divide. A pundit making that admission would in effect be saying that everything he has said and done for the past several years was not just useless but harmful, actively misleading readers about the state of the debate. He just can’t do it.

The point he makes on careerism is kinda what the whole thing ends up being about.  Once you've made it more important to maintain your position of power or influence within "the system", you've made the collapse of that system inevitable.  It can take lotsa time, but these things have an unerring mechanism for self-correction.

Re-read your Ayn Rand - Contradiction exists, but it cannot prevail.