I Don't Think This Is the Best Way to Put It...

Paul Krugman writes:

Paradoxes Of Deleveraging And Releveraging: Whenever the issue of fiscal stimulus comes up, you can count on someone chiming in to say, “Only a moron could believe that the answer to a problem created by too much debt is to create even more debt.” It sounds plausible — but it misses the key point: there’s a fallacy of composition here...

There is nothing wrong with what Paul says. But I think it is incomplete, and that there is a better way of getting to the...