It wasn't that long ago that folks like Paul Krugman would lambaste the U.S. Government as well as American business and consumers for the growing addiction to cheap Chinese imports in exchange for a flood of dollars which were made possible by borrowing from those same Chinese. See, for example, this op-ed piece from 2005 in the New York Times. My, how times have changed. Today, Mr. Krugman and many others have apparently concluded that China is the problem rather than U.S. greed and short-sightedness. Not only is it all China's doing, but the solutions are really simple and, oh, we have the Chinese over a barrel too! Take a look at this piece by Paul Krugman published March 14, 2010.
The denials, frantic scape-goating and grasping for straws are very reminiscent of the type of logic used by hardened alcoholics. How sad.
