2009 PEN World Voices Festival: a gathering of economists.

[barryinspace]

Too much debt, both private and public, is the fundamental cause of the crisis. The best way to reduce the debt is for the government to issue money debt-free to pay for its expenses. Relying only on bank-issued credit as money simply delays the problem until the next crisis.

[lextalionis2001]

doctor ferguson's book "the ascent of money" is a good read. I think he was asked to take a position for this public discussion

[slvin09]

Paul Krugman is right about the financial sector. Unfortunately, he's too dumb to realize that he advocates policies that ensure that the financial sector still gets the most preferential treatment from the Federal Reserve and the Government. He says we need to shrink it down. Then he shouldn't have been advocating for sending them 800 billion dollars.

[infokemp]

@slvin09 excellent comment - the irony of the clash of the economics between Fergusson and Krugman is they are both right in part but it depends on the context timing and magnitude of implementing their ideas - for instance I agree with Krugman about public works as a multiplier effect on the economy and I agree with Ferguson that the Federal Reserve had an irresponsible and toxic monetary policy of expanding the money supply and exporting it through the house market to the EU - a market for US

[Tobacc0]

This is the voice of Paul Krugman if I'm not mistaken... not Niall Ferguson.

[RCMoya612]

Niall Ferguson doesn't 'get it', does he. Talk about selectively ignoring the facts--i.e. his appallingly simplistic/wrong distinction between monetary and fiscal policy under current conditions--while shooting for gold. He could, of course, try sticking to facts and making arguments from them; but he ignores facts and asserts opinion for argument. Oy vey.

[bazb1985]

Niall Ferguson is the man. He's absolutely correct. Great upload man -- thanks!

[HamiDjoukou]

I would (also) say Senator Bill Bradley for what I think is a spot-on analysis.