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June 14, 2015

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Posted: 14 Jun 2015 01:01 AM PDT

'Decline and Fall of the Davos Democrats'

Posted: 13 Jun 2015 08:04 AM PDT

Paul Krugman:

Decline and Fall of the Davos Democrats: OK, I didn't see that coming: even though I have come out as a lukewarm opponent of TPP, I assumed that it would happen anyway... But no, or not so far. ...
Or to put it another way, one way to see this is as the last stand of the Davos Democrats.
If you talk to administration officials — or at least if I talk to them (they may be telling me what they think I want to hear) — they offer a fairly sophisticated defense of this deal. ...
I'm not fully convinced, but this is a reasonable discussion.
But the overall selling of TPP, to some extent by the administration and much more so by its business allies, has been nothing like this. Instead, it has been all lectures from Those Who Know How the Global Economy Works — the kind of people who go to Davos and participate in earnest panels on the skills gap and the case for putting Alan Simpson in charge of everything — to the ignorant hippies who don't. You know, ignorant hippies like Joseph Stiglitz and Elizabeth Warren.
This kind of thing worked in the 1990s, when Davos Man actually did seem to know how the world works. But now Davos Democrats are known as the people who told us to trust unregulated finance and fear invisible bond vigilantes. They just don't have the credibility to pull off arguments from authority any more. And it doesn't say much for their perspicacity that they apparently had no idea that the world has changed.
TPP's Democratic supporters thought they could dictate to their party like it's 1999. They can't.

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