There’s a lot of commentary in the blogosphere (see for example here here here and here) on the two prominent GIGO posts by Paul Krugman concerning MMT (Modern Monetary Theory). I won’t add my 2 cents as I’m busy searching a Sympathy Card for Paul.

Update: Jamie Galbraith responds to Paul Krugman’s fear of US insolvency. Reads like an adult takes a child Nobel laureate by the hand to walk him through some basic facts.