Paul Krugman: When Prophecy Fails

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At every stage of our ongoing economic crisis -- a chorus of voices has warned that unless we bring down budget deficits now now now, financial markets will turn on America, driving interest rates sky-high. And these prophecies of doom have had a powerful effect on our economic discourse. The key thing we need to understand is that the prophets of fiscal disaster, no matter how respectable they may seem, are at this point effectively members of a doomsday cult. They are emotionally and professionally committed to the belief that fiscal crisis lurks just around the corner, and they will hold to their belief no matter how many corners we turn without encountering that crisis. They've been hugely, absurdly wrong for years on end, and it's time to stop taking them seriously.

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