It is not entirely clear which is more entertaining this morning – re-reading Paul Krugman’s “Nobody Understands Debt” commentary from yesterday’s New York Times, in which he ignores the flight to safety from the eurozone over the last half of 2011 while arguing that low Treasury yields are a vote of confidence in the dual U.S. policies of record deficit spending and record money printing (the latter also helping to push bond prices up and yields down) … or the many retorts to his recent offering:

• Do We Really ‘Owe It to Ourselves’? – Lew Rockwell
• SOMEBODY Doesn’t Understand Debt – Cafe Hayek
• Debt does not matter. Spending and taxes do. – Fatas and Mihov
• Krugman: Time For A Skullf%c*ing – Market Ticker
• Hallelujah! We Owe It To Ourselves! – Cafe Hayek
• Krugman v. Krugman – Marginal Revolution

I’ve not read through all of these yet and my guess is the third item on the list above might express agreement with Krugman, though the fourth one probably does not.

There are no doubt lots more where these came from and, to be fair, there are probably an equal number of positive reactions as there are negative ones (just have a look at some of the comments on the original commentary). I suppose we’ll be hearing a lot more about the nation’s debt as the election season heats up…