Safe as houses…
Paul Krugman won the Nobel Prize in Economics yesterday. Reminds me of something a wise man wrote just a few years ago:
I used to live next door to a Russian émigré. One day he asked me to explain something that puzzled him about his new country. “This place seems very rich,” he said, “but I never see anyone making anything. How does the country earn its money?”
[An] answer to my former neighbor would be that these days, Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.
