I know, right? I mean, why don't I just throw these BofA bonds I own, paying 6.5% annually, into the trash because I don't like money. In the meantime, why doesn't Ford just give me the car I financed?
>Folks, if you think this astrologist/alchemist Krugman is doing scientific work in Economics, please stop and think
Don't project your financial ignorance on other people, just because you don't understand how a balance sheet works. Someone's debt is another's asset; someone's income is another's expense.
His politics aside, Krugman is right in pointing out a fallacy that I see over and over again in the mainstream. That is, looking at only one side of the sheet. For example, the US households have so much debt! Well, guess how much value they have in assets?