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Sunday, January 06, 2013

'Why Paul Krugman should be President Obama's Pick for US Treasury Secretary'

I took three days to drive down the coast of Oregon and California on the way to the ASSA meetings in San Diego -- sort of a needed break that seemed to only put me further behind -- but I only have one day to get back, today. It's going to be a long, long day, so just a few quick posts before hitting the road:

Apparently, there's a petition circulating in support of this:

Why Paul Krugman should be President Obama's pick for US treasury secretary, by Mark Weisbrot: President Obama hasn't picked a treasury secretary yet for his second term, so he has a chance to do something different.
He could ignore what Wall Street and conservative media interests want and pick somebody who would represent what the electorate voted for. ... I know what you are thinking: this is impossible. There is too much money and power on the other side of this idea. Well, maybe.
But Obama has surprised us before. Last June, he picked Jim Kim to run the World Bank. ... So, for the post of treasury secretary, to replace the outgoing Tim Geithner, Obama could afford to make another bold choice: Paul Krugman.
Krugman would be tough to oppose on any substantive grounds. He has a Nobel Prize in economics (also the John Bates Clark award for best economist under 40). The New York Times columnist is probably the best-known living economist in the United States, and perhaps the world.
Krugman has been right about the major problems facing our economy, where many other economists and much of the business press have been wrong. ... Most importantly, Krugman is on the side of the majority of Americans. ... After all, why should the secretary of the treasury have to prioritize the interests of Wall Street and the "criminal enterprise" of big finance...
The US treasury secretary also has an important influence on the rest of the world, as the most powerful force within the IMF, G20, and G7 groupings. Krugman has written extensively about the stupidity of the last few years of economic policy in Europe...
Imagine a treasury secretary who favored employment, poverty reduction and development, rather than unnecessary austerity...
It would be great to have a treasury secretary who can cut through all that crap. ...
The renowned actor and human rights activist Danny Glover has launched a petition to the president for him to nominate Paul Krugman for secretary of the treasury. It's worth signing.

When Paul Krugman hears about this (I predict) he will tell us all the reasons why he'd be lousy at this job (as he's done before with similar suggestions).

    Posted by on Sunday, January 6, 2013 at 09:48 AM in Economics, Financial System, Politics | Permalink  Comments (78)



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