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Krugman Dementia Alert: Former Enron Consultant Says Jim Rogers "Has Been Absolutely Wrong About Everything"

Tyler Durden's picture


While we approach the topic of Paul Krugman with the same eagerness one approaches a clogged up, never cleaned, bathroom at a frat party that is about 50 years past its due date, (pretty much like Keynesianism) this one just put us over the top. In his latest pointless drivel on the economy, instead of reverting to his usual mode of praying to John Keynes, bitching at those who dare call for accountability and the punishment of all those, such as Krugman, responsible for what is now a $4 trillion taxpayer monetary bailout tab, and begging for trillions, then quadrillions, then quintillions, then an infinite amount of money, the Op-Ed writer has instead decided to start a mudslinging campaign against none other than Jim Rogers, the co-founder of George Soros' Quantum Fund, who has been pretty much spot on with his calls for decades.

A quick compare and contrast - Jim Rogers, whose fortune is in the hundreds of millions, contrary to Krugman, who only has a worthless statue given to him by the same idiots who thought that Obama was worthy of being awarded for his "peace" initaitives, has always had to put his money where his mouth is, while the other one's only notable claim to fame is being a consultant, and a corrupt and massively conflicted one at that, for that icon of Keynesian free markets- Enron, which Krugman could not find enough words to praise, before it was uncovered that, just like Krugman's Keynesian ideal, was a fraud, a disaster, and the biggest bankrupty at the time, in the making. We could go on and on, and recapitulate Gonzalo Lira's thesis of why Krugman is either an "Imbecile or a Fraud" but luckily our readers are sufficiently intelligent and they can figure this out on their own. Which begs the question: just how dumb does Krugman take his readers to be, when he says something as patently imbecilic as the following: "And please note that inflationistas like Rogers have been wrong about absolutely everything this cycle (and the last cycle, and the cycle before that)." While this statement is so wrong and obtuse, it merely confirms that Krugman must obviously be an idiot if he believes that any of those unfortunate enough to read his meandering garbage will not spot who has been wrong not only about this cycle, but the one before, and the one before that.

And for those who can't, below we present a Bloomberg interview with Rogers from 2008 which demonstrates that Soros' former partner got pretty much everything right...

And once again we are stumped: is Krugman really that stupid to post drivel like this on his column?

QE Madness

It has been really interesting to watch some of the commentary over quantitative easing by the Fed: while people like me see the Fed’s actions as way too timid, there’s a substantial faction out there that sees them as the end of Western civilization. Right now the most popular story on Bloomberg is Jim Rogers saying that Bernanke doesn’t understand economics, that he’s “debasing the currency.”

I’ve seen Rogers in action; he seemed to me to be confused about issues like the difference between assets and liabilities. And please note that inflationistas like Rogers have been wrong about absolutely everything this cycle (and the last cycle, and the cycle before that).

But they have their devotees. And this means that monetary policy, our only real hope at this point, must climb a wall of stupidity.

And the cherry on top is the man quotes himself to prove that he is right: if there is any confirmation that he truly deserves his nobel award, this is it.

As for the wall of stupidity, it will unfortunately never fall, as it was built over the past 100 years, held up, and constantly renovated, by people who are just as cluless, conflicted, and at odds with reality, as Krugman himself.

Regardless, as noted above, we try to stay away from clogged toilets, especially ones that are stuck in reverse. Therefore, we hope this is the last time we discuss the pathological failure that is Paul Krugman.


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Sat, 11/06/2010 - 15:55 | 705477 Conrad Murray
Conrad Murray's picture

I read his nonsense earlier and the level of ignorance got me so worked up I sent an email and made a phone call to the Times.  If Olbermann can be fired for political contributions, surely this asshole should get the same treatment as his Statist brother for penning blatantly false jibberish.  I hope more will do the same.

Sat, 11/06/2010 - 18:54 | 705701 macholatte
macholatte's picture

Something is patently wrong when guys like Olberman and Krugman actually have an audience, when some people take them seriously. It is then that the propaganda machine shows its ugly face.

Did you ever think that making a speech on economics is a lot like pissing down your leg? It seems hot to you, but it never does to anyone else.
Lyndon B. Johnson

Sat, 11/06/2010 - 23:18 | 705994 caconhma
caconhma's picture

It is important to understand who control [note the word "control"] the America mass media.

American people are completely brainwashed by Jewish propaganda [endlessly repeated lies portrayed as established facts and truth]. Krugman is just one of their prized propaganda speakers. Do you notice that Krugman refers to his own past statements as the unquestionable proof of his present insinuations and lies?

As for the Nobel prize selection committee credentials, the members are nothing more than corrupt demagogues and liars.

Sun, 11/07/2010 - 00:01 | 706049 frankTHE COIN
frankTHE COIN's picture

The passage about " Jewish Propaganda" just reveals you as a racist that could'nt wait to somehow try to put it in an intelligent conversation.

Sun, 11/07/2010 - 07:58 | 706308 thefatasswilly
thefatasswilly's picture

 . . . Except for the fact that almost all of the top executives who control the images on the television and movie screens are Jewish.

Pointing this out doesn't make him racist, you fucking dimwit. Trust me, I would know; I'm Chinese, the most racist race on the planet.

Shut the fuck up and sit down, you liberal fucktard. One of the main reasons America deteriorated was because of lack of racism. America is unbelievably pathetic nowadays: it's considered impolite and "racist" to point out someone's race. Incredible.

Sun, 11/07/2010 - 08:58 | 706356 More Critical T...
More Critical Thinking Wanted's picture

Well, I've read that Krugman piece, and here's what Jim Rogers said:

Well, capital has already been flowing into Asian economies, as you can see by the fact that they’re the world’s biggest creditors.

And Rogers was shockingly wrong about that. You cannot be the biggest creditor in the world if capital is flowing towards you ;-) You are the biggest creditor if capital flows away from you.

So exactly how and why does this prove "Krugman dementia", and not "Rogers dementia"?

Sun, 11/07/2010 - 09:28 | 706377 DavidC
DavidC's picture

Maybe I'm being slow or naive here, but the US, which has capital flying away from it (i.e. the QE money that seems to be going offshore in the flight to yield/ carry trade) is, as a result, the biggest creditor in the World? With debts of trillions of dollars?

Can't quite get my head round that one...


Sun, 11/07/2010 - 10:31 | 706453 More Critical T...
More Critical Thinking Wanted's picture

You got it the wrong way around - just like Rogoff.

Being a debtor (like the US) means capital is flowing towards you - you are taking capital.

Being a creditor (like China) means capital is flowing away from you - you are offering capital.

A trillion dollars in US debt is generated the following way:

Investors paid a trillion dollars to the US Government, for which trillion dollars they got a shiny promise in form of: 'T-Bond: you get payment of this amount of money in 30 years, plus interest', from the US government, in form of a piece of paper. (or, more typically these days, in form of an electronic record.)

A trillion dollars moved into USD (flowed into the country, if it was bought by foreign investors) and bought T-Bonds (and other US Government debt instruments).

Sun, 11/07/2010 - 11:31 | 706525 tmosley
tmosley's picture

You're confusing goods, currency, and debts.

GOODS are flowing to AMerica in exchange for currency.  The currency is then flowing back to the US government in exchange for treasuries.  This is why China is the world's biggest creditor even as they are the world's largest exporter.

Sun, 11/07/2010 - 12:48 | 706635 Astute Investor
Astute Investor's picture


I can't decide who is a bigger dolt - MCTW or Krugman.

A creditor provides capital to debtors.  However, you can't be a creditor unless a larger amount of capital (in the form of investment, trade, currency, etc.) flows to you (an INFLOW) previously.

Huge trade flows towards Asia (INFLOW).  They lend a portion of it (OUTFLOW) as a creditor to the US and debtor nations.  Just as Jim Rogers said: huge capital flowing towards Asia and they are the biggest creditor nations.


Sun, 11/07/2010 - 15:46 | 706910 gmrpeabody
gmrpeabody's picture


I can't decide who is a bigger dolt - MCTW or Krugman.

Perhaps MCTW is one of his long time readers. Go figure.




Sun, 11/07/2010 - 09:47 | 706404 thefatasswilly
thefatasswilly's picture

Need capital to be a creditor. Thus, if capital is flowing to you, you can lend it out as credit. When you lend it out as credit, it is not flowing away from you; someone is merely borrowing it, and paying it back with interest.

Sun, 11/07/2010 - 10:35 | 706439 More Critical T...
More Critical Thinking Wanted's picture

Heh, guess how 'capital flow' to China looks like? It is exactly the same: someone is crediting money to China and is getting a promise in exchange (interest in bonds and a later payback of the principal, or shares in a chinese company, etc.). China does the same when it flows capital to the US: buys US Treasuries, shares in US companies, etc.

China being a net creditor means they loan out (much!) more than they get loaned in form of 'capital flow'. So net capital is flowing away from China :-)

The thing is, Rogers goofed there on a pretty basic level of logic, and it's no big deal (you can be rich without being smart) but I find it a bit weird why ZH has to character assassinate Krugman in such a dishonest way when Krugman is right, black and white.

Cannot argue with Krugman on the merits so it's the 'pounding on the table' phase of the argument? Weird.

Sun, 11/07/2010 - 12:55 | 706654 Astute Investor
Astute Investor's picture

Rogers referenced Asia, which is comprised of many sovereign nations, when he made his statement about capital flows, large creditors, etc.  Why are you using only China to support your fallacious argument?

Sun, 11/07/2010 - 10:48 | 706470 Dental Floss Tycoon
Dental Floss Tycoon's picture

Rogers is right.  Capital from commerce flows to Asia where they send it back to us by buying our treasuries and also buying up large parts of the world's resources.  The dollars that go to them are without strings attached when they flow back they come to us as debt.


I like China/Asias plan better than our's.


I will give you this: 30 year treasuries are a sucker bet.

Sun, 11/07/2010 - 10:57 | 706488 More Critical T...
More Critical Thinking Wanted's picture


Capital from commerce flows to Asia where they send it back to us by buying our treasuries and also buying up large parts of the world's resources.

This must be some weird type of arithmetics where the flow of capital towards China counts, but the flow of capital away from China only counts to declare China net creditor - but does not count when you try to determine where capital is flowing ;-)

You cannot have it both ways.

Rogers is right.

He is, in an alternate universe where you can ignore basic capital flow arithmetics. In our universe he is blatantly wrong.

Sun, 11/07/2010 - 11:36 | 706531 tmosley
tmosley's picture

If Krugman were right, he would be a wealthy trader.  But Rogers is the wealthy one.  QED.

Sun, 11/07/2010 - 13:09 | 706675 Windemup
Windemup's picture

You are obviously confused as to the difference between debtor and creditor.

Mon, 11/08/2010 - 09:33 | 707827 Punderoso
Punderoso's picture

You falsely assume the failed progressive American model in which one is propagandized to believe that production is only accomplished through excessive borrowing.  You do not have to borrow to produce, you can create production from investment of savings.  The flow of capital is going to be based on production, and since America is producing less and less and borrowing more and more we get to enjoy the s$&t hole we are creating.  The Chinese are saving and producing and have taken their economy from out of the s$&t hole to become a major economic force.  Maybe you should spend less of your time smearing Rogers and start paying attention to what he says, you might get a clue.

Sun, 11/07/2010 - 11:26 | 706519 Dburn
Dburn's picture

Last time I looked there was 1 Jew who controlled a media company out of all of them, notwithstanding Murdoch, who fucktards like the sniveling piece of shits that wrote the two posts about would claim he was Jewish, when he is decidedly not. You motherfuckers are bigots. There is no place in society for that. Stamp return to sender to the Chinese asshole and stamp stale cracker on the other one, put em in the back of a shipping container in the tropics and let them go on a round the world vacation and see what's left when the container is opened. Fucking walking talking microscopic Dildos.

Sun, 11/07/2010 - 15:56 | 706919 gmrpeabody
gmrpeabody's picture

Dburn..., I get a sense you're holding back. Go ahead, just get it out.

Mon, 11/08/2010 - 01:02 | 707624 tsx500
tsx500's picture, how do u  REALLY  feel  ? ? ?

Sun, 11/07/2010 - 20:06 | 707211 frankTHE COIN
frankTHE COIN's picture

Fatasswilly, He wrote that america was Brainwashed by Jewish people You colon cancered asshole.

You cant interpret english correctly. Stop trying.

Sun, 11/07/2010 - 08:53 | 706349 israhole
israhole's picture

That accusation is getting old.  Tell us who you think owns the media?  Besides, they are the most racially aware on earth, just look at how you jumped to dispute a fact.


Sun, 11/07/2010 - 11:42 | 706540 tmosley
tmosley's picture

Post the names of the CEOs of all of the major companies.

I did this a while back for bankers and found hardly a Jew among them.  Wells Fargo was completely devoid of jews.

You should avoid the trap of collectivism.  It makes you look like a racist, and causes people to dismiss your valid views (ie that Israel is a nationalist socialist government that is very oppressive to the majority of its citizens, and a warmonger to boot).

Sun, 11/07/2010 - 10:01 | 706407 dehdhed
dehdhed's picture

The passage about " Jewish Propaganda" just reveals you as a racist that could'nt wait to somehow try to put it in an intelligent conversation.

please forgive my ignorance, but are jews a race?  i just thought it was a religion or a nation.   i'm going to assume they are a race and i'm misinformed and didn't realize it was an exclusive religion/nation lacking in diversity.   the statement made about racism makes about as much sense to me as someone getting called a racist for criticizing the catholic church.

please don't take offense to this, but in my observations it seems the ones flinging accusations of racism are very often the most obvious racists i've ever seen.   and it makes me wonder ....

Sun, 11/07/2010 - 11:46 | 706544 merehuman
merehuman's picture

frank reveals himself as one of the brainwashed! Jewish faces control the Media. That is a fact and true. Top positions in government and finance are Jews. Does presenting honest facts make someone a racist? I think not. It is the way it is and if you speak out too loud dissappear . 

Are all jews bad or zionist ? NO . Just the ones in suits and power.

Sun, 11/07/2010 - 07:45 | 706303 nobita
nobita's picture

the nobel committee is not corrupt demagogues and liars. they are just pretty stupid and fell hook, line and sinker for the fraud that is Obama.

the reason Gore, Krugman and Obama has won prizes is because everyone in scandinavia really hated George Bush more than you can imagine.

well now the prize is a joke, a source of great pride for us swedes turned to shit. sad really.

Sun, 11/07/2010 - 08:38 | 706327 Popo
Popo's picture


FYI -- for anyone who missed the fun:  Krugman has already been completely discredited on his own blog. The fireworks have mostly died down now that the teacher has gone into overdrive moderating his blog comments, but here's a recap of what went down a couple months ago:

In a nutshell: Krugman made the mistake of entering into a debate with his blog-commenters, and got completely destroyed intellectually. The whole thing deteriorated into laughs and guffaws. Krugman has been discredited. Period.

Sun, 11/07/2010 - 10:08 | 706430 nmewn
nmewn's picture
"Paul Krugman has spent his career as a pundit advocating that government bureaucrats and political process replace markets. He knows that there is a large literature that says that this is a bad idea. That literature is transparently relevant to Krugman's only policy proposal. And yet Krugman has not read it...and admits that he has not read it, without embarrassment.


By July, Krugman had lost his "Battle of the Blog." On July 23, Latrina commented, "Who is this Sean from Florida? He takes everything that [the] Professor [says] and shreds it, piece by piece. He shouldn't be allowed to post his comments on this blog since he seems to be winning all the debates. We progressives need to stick together and embellish our talking points without someone from the outside pointing out fallacies in our ideology."


Those damn Fla. Crackers are at it again ;-)

Sun, 11/07/2010 - 12:04 | 706571 Eternal Student
Eternal Student's picture

+1. That's really funny.

Sun, 11/07/2010 - 22:08 | 707373 New_Meat
New_Meat's picture

dude-we need the link so we can pile on-Ned

Mon, 11/08/2010 - 07:40 | 707739 nmewn
nmewn's picture

It's from Popo's above...happened back in the summer. Krugman & his wife no doubt, are now reduced to monitoring his blog 24/7 and deleting non-party views.

Very...what's the word I'm looking for...oh yeah...FASCIST! ;-)

Sat, 11/06/2010 - 19:18 | 705728 IQ 145
IQ 145's picture

 Good for you. You're right. Krugman really is mind-boggling.

Sat, 11/06/2010 - 20:31 | 705818 maddy10
maddy10's picture

Feel sorry for krugman-Poor guy doesn't know the difference between spending and investment.

He simply ignores the things happening around him

Asia has been investing a third in dollars but the rest in useful infrastructure, factories and new technology.

What does US have to show for nearly 40 trillion debt[public+private+individual] of last 10 years- Big houses, shiny cars and lots of smoke

[sic] he is so predictable-his next blog'll be-"I told ya QE2 will fail coz it is too small"

Sun, 11/07/2010 - 14:07 | 706748 beanieville
beanieville's picture

Actually, you can't really say Jim Rogers is right just because gold is going higher.  Just about every asset class in the stock market is also moving higher.  Let's not pick and choose to support our contentions.


Jim Rogers said the economy would collapse this year.  He said the same thing last year after the march lows of 2009.  He was thoroughly wrong.


He's a smart guy, that's a given.  But smart plus wrong is still wrong.

Sat, 11/06/2010 - 19:19 | 705730 Clayton Bigsby
Clayton Bigsby's picture

I think it would be really awesome if Barrack appointed Krugman the next head of the CEA.  Then I would know for sure that the end is near, sell all my shit, and prepare to meet the Mayan gods...

Sat, 11/06/2010 - 21:32 | 705886 MsCreant
MsCreant's picture

But otherwise, you are not sure we are screwed, or you have hope, or...

Sun, 11/07/2010 - 01:09 | 706194 chopper read
chopper read's picture

hey, Conrad.  i have a sense that you are a relatively young individual.  however, your level of commitment and competence is immense.  keep talking with your friends.  i admire how you think.  you're a beacon of truth.  props to you.  


Sun, 11/07/2010 - 10:31 | 706456 Al Gorerhythm
Al Gorerhythm's picture

Conrad, don't you realize that they know. It's not too hard to understand that these guys are sociopaths. They know; they just don't give a fuck, about you. The only alternative is that they are the true believers, Hitler in the bunker, Comical Ali in Baghdad, Bush on the aircraft carrier, "Mission Accomplished".
Either way, they are madmen and this needs to be more than ignored. Look what they have done to our once great country. We relied on our office bearers to guide us and uphold the constitution but they have held office under false pretenses. After Nov 3, nothing will change. Hydra lives and breathes. Cut off one head and the other grows.

Sat, 11/06/2010 - 15:58 | 705482 damage
damage's picture

Therefore, we hope this is the last time we discuss the pathological failure that is Paul Krugman.

God, I wish.

Sat, 11/06/2010 - 16:20 | 705502 Lets Hang Parliament
Lets Hang Parliament's picture

Maybe Krugman should go on a round the world motor bike tour too. That would keep him off our screens for a while!
The Mongolians love goat meat so maybe he wouldn't come back...ever! Maaaarvellous!

Sat, 11/06/2010 - 20:22 | 705808 Printfaster
Printfaster's picture

If this is true:

Therefore, we hope this is the last time we discuss the pathological failure that is Paul Krugman.

If Krugman is truly a failure, then we are doomed, since in government failures are always promoted until they die or retire.





Sun, 11/07/2010 - 09:13 | 706366 nmewn
nmewn's picture

Krugman cannot be allowed to pass quietly into that good night.

He has shilled for too long and propagandized too much to not have his place in the Gallery of Quackery.

Sat, 11/06/2010 - 16:04 | 705487 Cheyenne
Cheyenne's picture

Paul Krugman, what a jackass.

Sat, 11/06/2010 - 17:09 | 705548 DoChenRollingBearing
DoChenRollingBearing's picture

Jimmy Rogers (and all of us really) are proof that no one can be right 100% of the time.

Paul Krugman is proof that one can be WRONG 100% of the time.

Sat, 11/06/2010 - 17:22 | 705557 Cheyenne
Cheyenne's picture

Thanks for having the balls to say that shit out loud. I agree.

Sun, 11/07/2010 - 05:09 | 706261 The Navigator
The Navigator's picture

I also Ag ree. Tell us about your vacation to the South Pacific when you have time. Good to see you back DCRB.

Sat, 11/06/2010 - 18:11 | 705632 DosZap
DosZap's picture


bro, look who the maggot is surrounded by.

Weekend(Years at Bernies) Nanke, and Timothy Geiiiithner.

They (if ONE had the power),maybe Paul will get a shot, SHOW this entire segment on a Big Screen, to ALL members of the House & Senate.

That would maybe wake some of them up......20-50?

Sat, 11/06/2010 - 16:14 | 705494 CrashisOptimistic
CrashisOptimistic's picture

Rogers, when pushed, will note that far less oil is being discovered than is being used, but he won't venture into oil production waters.  If you read between his oil comment lines, however, it's very clear that he understands the devastation coming.

Forget economics.  Economics doesn't concern anyone if they are in a sealed room and the air is running out.  That's no different than what is unfolding with oil.

Oil's demand (consumption) will NEVER outstrip supply -- because it CAN'T, by definition.  You can safely expect, however, vicious and uncompromising wars when those who would *like* to demand more can't because oil production won't support it.  That's when the wars start, and make no mistake about it, folks, oil's production infrastructure is profoundly delicate.  If someone decides the best policy is "if we can't have it, no one can", rest assured no one will have it.  It requires almost no effort at all to shut off the flow.

Escpecially from Russia, which very quietly has become the number 1 oil producer in the world, far beyond Saudi Arabia.  The Muslims in the Russia oil production regions can bomb the pumps any time they want.

Sat, 11/06/2010 - 18:16 | 705641 DosZap
DosZap's picture

Crashis, I am sure you read the story, the largest ONE WELL in Saudi, has already produced over 70 Billion barrels,recent developments of those THINKING that hole was closing in on a LOT less left, discovered that it had AT least another 80 Billion barrels.

The Saudi Prince, that has control of it, laughed and said Peak Oil, was in effect a joke.

And,that was ONE well.The largest in the world.

Sat, 11/06/2010 - 22:47 | 705962 CrashisOptimistic
CrashisOptimistic's picture

I do not think you understood whatever you read.

For a single well to produce 70 billion barrels, over a 60 year period (KSA started producing from Ghawar in 1951), would be like so:

70,000,000,000 / 60 = 1.17 billion barrels/yr.

1.17 billion / 365 = 3 million barrels / day.

Sorry.  That's not going to fly.

Ghawar, the entire oil field, with many wells in it, has produced to date about 68 billion barrels, starting in the 1950s.  The original 5 wells produced over their lifetimes an avg 5,000ish barrels per day.

Ghawar as a field produces 5 million barrels a day.  There are rather more than two wells in it.



Sat, 11/06/2010 - 19:56 | 705775 kathy.chamberli...'s picture

TRACTOR driver, bitchez

Sun, 11/07/2010 - 11:49 | 706551 tmosley
tmosley's picture

If you forget economics, then you forget human behavior, because economics is the study of human behavior.

Running out of oil does NOT mean we run out of energy.  We have hundreds of years of coal, and thousands of years of uranium left.  It might make some things difficult, like plastic production and maintaining mobility (ie cars, navel vessels), but that can be solved fairly easily, with coal gassification if nothing else.

We've had peak charcoal and peak whale oil and society still hasn't collapsed.

Sun, 11/07/2010 - 12:25 | 706598 CrashisOptimistic
CrashisOptimistic's picture

You do not understand the problem.

There are 7 billion people on Earth.  They are fed from farms sized 10's of thousands of acres.  The idyllic family farm of 10 acres plowed by horses and oxen worked when there were 1 billion mouths to fill.  That was the global population in 1900.

It's now 100ish yrs later and there are 7 billion mouths to fill.  It takes 450 horsepower agricultural combines to get planting done within planting season weeks and harvesting done in fall before the crops rot in the fields.  You can't do 10's of thousands of acres with horses and oxen, which themselves require food.

Oil defines it all.  Not nat gas.  Not electricity.  Not coal.  There will NEVER be 450 horsepower tractors that run on electricity because that would drain any imaginable batteryin 10 minutes, leaving the other 9,999.9 acres to harvest, after the battery is done recharging overnight.


Sun, 11/07/2010 - 13:23 | 706693 ElvisDog
ElvisDog's picture

Modern Agriculture needs natural gas too. Most fertilizer these days used on the big farms is natural gas-based.

Sun, 11/07/2010 - 13:25 | 706695 Hulk
Hulk's picture

Spot on CrashisOptimistic. We are back to not understanding basic math. Energy density of gas and diesel in the 36.6 kwh/gallon neighborhood. A barrel of oil is equivalent to 25,000 man hours of work.(not bad for 86 bucks)  No technology at present to come anywhere near close to these energy densities in a transportable a maintainable eroi. Green energy and jobs are just delusion....

Sun, 11/07/2010 - 19:31 | 707178 tmosley
tmosley's picture

Google "coal gassification".  The process is now more efficient than it was in the 40's, when it supplied Nazi Germany with 100% of its oil.

It might be more expensive, but so what?  When it becomes more expensive, it only means that there is an incentive to look for new ways to do it.  NEVER extrapolate linear trends to infinite.  The results NEVER mesh with the real world.  

Your post is like a steel manufacturer decrying the deforestation of England.  "Where will we get the Charcoal for our foundries!?"  Well, England ran out of forests, but the steel didn't stop flowing.  They just developed a process that relied on the much more abundant coke.  The same thing will happen here, just like it ALWAYS has in the past.

Sat, 11/06/2010 - 16:09 | 705497 Dan The Man
Dan The Man's picture

Hard to argue with Rogers' track record.

This guy would fall under the "Fool" category, and who's opinion should be quickly and summarily rejected.

...and check out the story of Martin A. Armstrong.

Sat, 11/06/2010 - 16:09 | 705498 tallystick
tallystick's picture

Rogers was buying euros this spring  as well.  Confused Krugman.

Sat, 11/06/2010 - 16:14 | 705500 Cheyenne
Cheyenne's picture

Though retarded, Krugman does have value deriving from his perch. I have found, for instance, in any social/business/civic setting--everywhere--that anyone who volunteers a Krugmanite can be told "this conversation is over" with complete impunity.

Sat, 11/06/2010 - 16:14 | 705501 cossack55
cossack55's picture

So.....I was demented when I purchased silver at $8/oz?  Damn, insanity does pay.  Insanity is bliss.  Crazy is cool.  Nuts is number 1.

Sat, 11/06/2010 - 16:22 | 705505 TheGoodDoctor
TheGoodDoctor's picture

I will play the "douchebaggery" card and throw it Krugman's way.

In a sea of idiot commentators and guests, Jim Rogers has always provided me with a sense of clarity and confirmed the fact that I am indeed "not crazy". Him and Marc Faber.

Sat, 11/06/2010 - 17:07 | 705546 notadouche
notadouche's picture

Don't forget Bud Conrad and Doug Casey.

Sun, 11/07/2010 - 00:10 | 706060 TheGoodDoctor
TheGoodDoctor's picture


Sat, 11/06/2010 - 16:25 | 705508 Arkons
Arkons's picture


Jim Rogers makes my head hurt

After my talk in Seoul, I participated in a panel discussion on The Future. Thesummary doesn’t mention it, but I made notes on a comment by Jim Rogers, who was all “the West is in decline, everything’s going to Asia.” He was asked whether he was predicting that capital will start flowing into Asia — which he certainly seemed to be implying — and responded

“Well, capital has already been flowing into Asian economies, as you can see by the fact that they’re the world’s biggest creditors.”

Your homework assignment is to explain — in English — what’s wrong with that sentence."


Capital has been flowing into Asia and now, as a result, they are the world's biggest creditors.  Makes perfect sense to me.  What's even funnier about this is that Krugman makes the exact same point in the only useful work I've ever read of his.  I think it was called Currency Crisis or something.  

Sat, 11/06/2010 - 17:14 | 705552 goldsaver
goldsaver's picture

Trick question. Nothing wrong with that sentence. He who has the capital can provide credit, he who does not has to borrow capital.

Capital has been flowing into Asia from our purchasing the latest iCrap (and Korean/Japanese cars before that) and from capital investments in emerging markets during the 80s/90s. This means Asian countries, BoJ stupidity not withstanding, are flush with dollars and euros, giving them the ability to loan us our dollars so we can buy more iCrap.

Sun, 11/07/2010 - 11:54 | 706558 tmosley
tmosley's picture

Earnings are not debt.  The two are seperate.  They earn much more than they loan out, and the rest of the world spends more than they borrow. 

This isn't rocket science.

Sat, 11/06/2010 - 16:29 | 705514 BennyBoy
BennyBoy's picture

If you read Krugman as satire he's pretty funny.

Sat, 11/06/2010 - 16:38 | 705518 Cruel Aid
Cruel Aid's picture

That's a good perspective, like an onion writer. You are right... he's a joker!

And pretty damned funny.

Sat, 11/06/2010 - 19:38 | 705754's picture

I read Krugman aloud in Pig Latin. Ascinating fay!

Sat, 11/06/2010 - 16:36 | 705524 bugs_
bugs_'s picture

Wait....Krugman called someone else "an inflationista"????????


Sat, 11/06/2010 - 19:26 | 705738 knukles
knukles's picture

Oh Pleeeeeeezz.

There are some very hungry people over there that may gratefully feast well upon him.  What a signal Obama could send the world!  No more starvation! .  (All bullshit, but so's dinner!)

Sun, 11/07/2010 - 18:18 | 707092 MsCreant
MsCreant's picture

Larry Summers, now there's one to roast over an open flame...Oh wait, is it cows or pigs they don't eat?

Sat, 11/06/2010 - 16:42 | 705529 CashCowEquity
CashCowEquity's picture

lmfao at "Crapman

Sat, 11/06/2010 - 16:45 | 705533 Jim Billy Bob J...
Jim Billy Bob James IV's picture

Krugman is Jean Dixon (actually predicted Kennedy would be shot in Fort Worth or Dallas in November of '63).  Dixon predicted Kennedy would be shot at over sixty different events in 1963.  When he was actually shot, she was able to assert, "See, I told you he was going to be shot in Dallas"  The problem is she never was really ever right on any other prediction in her life, but hey, here it is 47 years later and I still remember her.

Sat, 11/06/2010 - 18:06 | 705622 ToNYC
ToNYC's picture


Could it be that within that set of sixty events, the vast majority were in the South and mostly Texas? The point was well taken; the lesson endures.

Sat, 11/06/2010 - 19:42 | 705759's picture

I once had a premonition that JFK would be assassinated. But that was in 1982.

Sat, 11/06/2010 - 16:55 | 705539 Cruel Aid
Cruel Aid's picture

He needs to be seen for full effect. No tax cuts and crank the press, from Sept.

Sat, 11/06/2010 - 17:36 | 705566 kato
kato's picture

maybe krug is pickin' on Rogers because the other day Jim Rogers said, "Ben Bernanke is a buffoon." i agree with JIM.

Sat, 11/06/2010 - 19:48 | 705767's picture

Ben Bernanke is a buffoon


Almost sounds like an excerpt from Beowulf. The really frightening part might feature an attack by Bernanke's mother.

Sat, 11/06/2010 - 17:38 | 705570 goldstandard
goldstandard's picture

My kids thought I had lost it when I started buying physical gold at $300 an oz and I've never looked back. There seems to be something rumbling under the surface of humanity and it's becoming more unsettling by the day. Maybe I've been staying up too late listening to Cliff High and his current predictions for the end of banking as we know it. according to his web spyders, the clock began ticking yesterday the 5th with the tension release scheduled for the 14th. Something wicked this way comes?

Sat, 11/06/2010 - 17:55 | 705601 Gordon Freeman
Gordon Freeman's picture

How come everybody who owns gold at ZH all bought at $300/oz?

Sat, 11/06/2010 - 18:21 | 705651 EscapeKey
EscapeKey's picture

I bought between $1,100 and $1,200. Most people on reddit told me I was crazy for "buying at the peak".

But then, reddit is full of keynesians, who seemingly spend all their time arguing the 7th derivative, while the 2nd is collapsing.

Sat, 11/06/2010 - 20:02 | 705783 kathy.chamberli...'s picture

me to, key. but hey



Sun, 11/07/2010 - 00:05 | 706055 DoChenRollingBearing
DoChenRollingBearing's picture

kathy, Escape, Gordon,

I have been buying for decades, in small chunks.  If I had to guess MY average cost basis, I would say about $950.  I bought more in recent years than before (sigh).

I WISH I had been smart enough to buy it all when it was $300...

Sat, 11/06/2010 - 22:13 | 705927 weinerdog43
weinerdog43's picture

Sadly, I'm going to buy even more even if it hits "$1,600" per ounce.  Remember, it is not the price of the metal going up, but rather our poor currency falling into the gutter.

Sun, 11/07/2010 - 16:06 | 706931 chopper read
chopper read's picture


I did not like it at $400, but I love it at $1200, $1300, $1400, etc. 

call me when rates are back up to 20%.

Sat, 11/06/2010 - 18:23 | 705657 DosZap
DosZap's picture


I love it,LOL, I guess I am the only idiot that bought it at $301.00,and Silver at $8.01.

I wish..................but, like Schiff say's Gold at $1,500/$5,000.00 is still a bargain.


Sun, 11/07/2010 - 00:14 | 706066 DoChenRollingBearing
DoChenRollingBearing's picture

Hi Dos,

I always enjoy your rat-a-tat-tat replies.

Even with the recent majestic run to near $1400, I still think gold IS A BARGAIN at under $1500.  Most of the gold I ever bought (perhaps 85%, but I did get some at $300 - $500) was when it was very close to its 'highest' price.  At $600.  $700.  $800.  $900.  $1000 (yeah baby!).  $1100.  $1200.  And a final spasm multi-oz purchase at $1300!  Moved so fast since, well, it has taken my very breath away...

Sat, 11/06/2010 - 18:32 | 705668 -Michelle-
-Michelle-'s picture

Some saw what was coming long ago.  I, sadly, began buying at $1149.  That will be much better than those buying at $1700, though...

Sat, 11/06/2010 - 21:42 | 705902 MsCreant
MsCreant's picture

I bought at 800. Had never done anything like that before. I thought it was possible I was making a big mistake and screwing my family over. I have been riding the waves these couple of years and now I really don't regret it (obviously). It takes what it takes. Now silver AHHHHH, some of that I was underwater on for a couple of years. Not now. ;-)

Sun, 11/07/2010 - 12:13 | 706586 -Michelle-
-Michelle-'s picture

Screwing over my family was my big worry also.  Although my husband and I work together in all of our financial decisions, he leaves the final say up to me because I'm the one with the time to do all of the research.  It's a lot of pressure.

We finally took the plunge on PMs when I realized that FRNs have much more ability to ruin us than PMs.  Our priorities have changed drastically since we started having kids and have further refined as we realized what we need to do to raise them to be independent adults.

Sat, 11/06/2010 - 19:11 | 705719 Fraud-Esq
Fraud-Esq's picture

$800. It takes bigger balls to be late to the game, but it's working so far. 300, I wish.  

Sat, 11/06/2010 - 21:53 | 705911 Yits and the Yimrum
Yits and the Yimrum's picture

buying at 300, 390, and 850 because we knew today would arrive in the short time span of 10 years

it looks like gold is going to go parabolic in the next 1-3 years; I am less concerned about the probability of a dollar/banking episode than the deteriorating security situation in the US over  the next few years; and by that I mean personal security threatened by big brother and the communitarian hoards

Sat, 11/06/2010 - 20:03 | 705786 OutLookingIn
OutLookingIn's picture

Oh yea! I bought back in early 1980 at a little over $400, thought I lost my shirt. Swore I would learn everything there is to know, about gold and the precious metals market. Glad I did. Sold RE in 2001, went liquid and bought gold. Sure glad I did! That gold I bought back in 1980? Still got it! Got yours yet?

Sat, 11/06/2010 - 20:12 | 705790 goldsaver
goldsaver's picture

Cashed out my 401k and bought the bulk of my gold at 1200 and silver at 17. Have been buying every month at whatever price is available ever since. Since my PMs are generational savings, it does not matter to me where i bought (although it would have been nice to have bought at $300 and $5).

Hell I wish it would drop back to $700 and $15 so I could buy twice as much each month!

Sat, 11/06/2010 - 22:52 | 705966 technovelist
technovelist's picture

My average cost is about $400. However, I do have the distinction of having paid just about the most anyone ever paid for silver: 150 ounces at $48/oz.

That taught me a valuable lesson: never use margin.

Sun, 11/07/2010 - 00:06 | 706056 Midas
Midas's picture

That sounds bad, but most stock traders (me included) can tell stories of a position losing nearly everything.  As for me, bought my first few ounces of AU around 270.  That doesn't mean it was great though, I bought some silver at 4.50 also and then there were several boring years of absolutely no return.  Anyone who purchased between 2004 and now has got to be feeling pretty good.

Sun, 11/07/2010 - 10:39 | 706467 Bam_Man
Bam_Man's picture

I do have the distinction of having paid just about the most anyone ever paid for silver: 150 ounces at $48/oz.

Is your last name "Hunt"?

Sun, 11/07/2010 - 03:11 | 706216 hugolp
hugolp's picture

I bought at $800, when it was going up from the small collapse in the 2008 credit crunch.

Sun, 11/07/2010 - 11:59 | 706566 tmosley
tmosley's picture

Smart people.

I bought at $400, but it was pure dumb luck (especially considering that I was using a paper vehicle).  Now I like silver, which I first started buying at $20, and then really picked up the pace when it fell to $9.  I bought another very large lot at $12 last year.  I'm still buying. 

Sat, 11/06/2010 - 18:24 | 705625 ToNYC
ToNYC's picture


So far you have only been talking Act 1 in the 21st Century US PM holder's Drama  where what happens when Ends don't meet really hits the fan.

Sat, 11/06/2010 - 19:52 | 705770 blunderdog
blunderdog's picture

I like that Clif High fella.  I consider him a good speaker, and I appreciate his perspective.  It mirrors my own in many ways.

But are any of his predictions worth a damn? Sure doesn't look like it to me.  Most may as well be astrology forecasts and fortune cookies with the level of hedge and haziness built in.

I've gone over his past stuff a good bit looking for any historical proof of success, but it hasn't looked good.  At all. 

(Now given that time doesn't flow in a linear sequence and it's just 22 trillion moments a second all occurring simultaneously, I shouldn't expect his past performance to indicate anything, but I guess I do tend to fall into monkey-mind and generally believe in science and predictive power.  I can't afford the 3rd generation starlight gear to watch the space-alien battles occurring overhead every night, either.)

Sat, 11/06/2010 - 20:10 | 705571 Atomizer
Atomizer's picture

Krugman can fuck himself. Think

 displayed under FAIR USE doctrine, pursuant to 17 USC S.107: "...the fair use of a copyrighted work...for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright."

The Codex Alimentarius -Law in the United States in 2009

We'll add..


Globalization is nothing more than the constant search for cheap labour and the constant upgrading of infrastructure all across the earth. Thus improving the infrastructure of previously 'unindustrialized countries' and accessing a whole new ununionized labour pool. The new world's that are created and improved through road, rail, energy, and hospital projects that are built by huge multinational corporations and paid for by unwitting outside investors. Before all the public works' projects are completed there is a debasement to pay for the projects with outside investors' money because it was 'lost' during the stock market crash or crash of a company's stock (debasement of vehicle of monetary exchange).

During the debasement period the "inside" investors are selling short, 401k's/entitlements etc. are frozen until the company pays out whatever debts it can with whatever liquid it has left., then the company goes bankrupt, it's assets are filtered off to a subsidiary/holding co that was formed prior to debasement, the projects they were building get snapped up at fire sale prices. Now the projects are paid for, the companies get their money and the country gets its infrastructure for their people to work jobs cheaper than other people in the Old World will work them

Along the globalization trail, TPTB monopolize all the resources they can under corrupt regimes that most of the time they put into power. Then take control of all essential parts of the economy; food supply, energy and mineral resources, fresh water sources, precious stones, cash crops, telecom, and healthcare. The foreign multinational corporations use cheap labour to assemble their goods while owning all other utilities the people of the country use. Once the cheap labour and resources are exploited, the globalists pick up and start the search for a new land to build up. Every new world is built on the dollar of outside investors and tax payers. Outsourcing is the only way the king can afford the peasants wages.

It started with canals, ships, and marinas in olden days and evolved into railroads, locomotives, then into trucks and roads, and most recently aviation. Every logistic means throughout history has been payed for by the outside investor through the use of debasements. Bubbles are built up on the word that 'the good times will never end' and popped on 'we never saw this coming' - all made possible by governments pretending to fail all across the world. All three tiers of government (soon to be four; federal, state, municipal, and soon, Union) are chalked full of failures.

The same groups of companies get the contracts for foreign nation building, usually spawned off each other, tracing their way back to a group of banks that operate throughout the world. These companies debase vehicles of monetary exchange (stocks and stock markets). Most of them having intimate ties with the World Bank. The financiers' of globalization stay the same. Once projects are completed and economies successfully debased, wars are waged to pay for economic recovery and fulfill whatever geopolitical agenda these global financiers have. After the era of fraud there is a period of boom and the cycle repeats itself, the size of the war usually depends on the size of the debasement that preceded it.

Once the Vehicle of Monetary Exchange is debased, the stolen money is laundered through various organizations (charities, non-profits, Legatus, museums). Once the money has been laundered there needs to be a war to destroy the paper trail (the fog of war) so they need an event to set off the war. If multiple countries' economies are down, it will be a global war (each country fighting with it's favourite enemy). At this time the financial sector will air its laundry, and we'll start hearing about frauds and accounting errors. This will lead to federal bodies (FINRA, SEC) bringing cases against the scapegoats (Skilling, Conrad Black) and we will have show trials with show judges (Crater, Landis). The trials will bring justice to the 'rogue conspirators and that's that.

The new bubbles are usually being built up as the current bubble is popping. These bubbles are allowed to happen through manipulation of laws. In America, the crash (era's of fraud) usually coincides with the end of one presidency and the start of another and occur every 4 years. In the lame duck sessions of a presidency, all previous corporate criminals get pardons. This timeline repeats itself throughout history.

Sat, 11/06/2010 - 20:30 | 705816 goldsaver
goldsaver's picture

Supposing the above theory is true. It explains the Iraq war a lot better than the search for oil (which the US never got, China did). Remember the Oil for Food program? Billions upon billions of oil dollars were laundered thru that program and a lot of third world dictators and UN elites got a bite from that. If I remember correctly oil dollars were kept by the UN in an unaudited account and used to buy assets for the "Iraqi people" from EU and Russia. Hmm, wonder if a lot more than what was declared went thru that fund and when Saddam decided to stop accepting dollars and demand euros for his oil if that didn't prompt his removal along with anyone else in his leadership that would know what was going on.

Sat, 11/06/2010 - 22:20 | 705933 zaknick
zaknick's picture

It is the continuation of the Anglo-European colonization of the world under modern means. The trail leads back to central bankster supported elites which all connect at the Rothschild BIS (Gold Central for western civ).

Pretty slick but macabre to observe.


Sat, 11/06/2010 - 17:41 | 705575 scatterbrains
scatterbrains's picture

the farmers will be driving Mazaratti's and wall streeter's will be driving tractors haha  luv it !!!

Sat, 11/06/2010 - 18:13 | 705631 ToNYC
ToNYC's picture

You are talkin' China 'till the People's State Tiger gets hungry again.

Sat, 11/06/2010 - 17:44 | 705580 Don Levit
Don Levit's picture

Krugman never met a deficit he didn't like.

He is a clear definition of stupidity.

The difference between genius and stupidity:  Genius has its limits.

Don Levit

Sat, 11/06/2010 - 18:25 | 705659 Chris Jusset
Chris Jusset's picture

Yep, Krugman's solution to every problem is "more deficit spending."  Krugman is an absolute idiot.

Sat, 11/06/2010 - 18:49 | 705694 chunkylover42
chunkylover42's picture

Deficit spending is Krugman's solution provided the Democrats are in charge.  Go look at his comments about deficit spending when Bush was President.  Something about locking in his 30-year mortgage right away since interest rates are headed higher due to inflation.

Krugman is nothing more than a partisan hack who has yet to take Obama's balls out of his mouth long enough to look around and see what's going on.

Sat, 11/06/2010 - 17:46 | 705582 FreeMartinArmstrong
FreeMartinArmstrong's picture

I'll say !!

Marty is america's number one political prisoner.

he should be free, and behind a computer ...

it is a disgrace, the man is a true genius,'

but this is what will happen to you when you look behind the curtain.






Sat, 11/06/2010 - 20:10 | 705789 kathy.chamberli...'s picture

Free Martin Armstrong

free marty, PEOPLE of America

marty is like a buddha in a ten x ten cave. imagine his mind getting through all this weirdness shit in this economy. he should have a chip in him and get his vital signs on a second to second basis. sure it would be historical mind wave documentation.

Sat, 11/06/2010 - 17:52 | 705589 DosZap
DosZap's picture

If I were Rogers, I would thow down ,to Freddie Krugerman to a balance sheet duel.

You show me your T N Worth statement, and I will sown you mine.

Then we see who is WRONG.And why you should not give ME advice.


Sat, 11/06/2010 - 17:53 | 705592 zwscott33
zwscott33's picture

considering they read and take krugman seriously, they probably arent very intelligent

Sat, 11/06/2010 - 18:02 | 705614 CBABY
CBABY's picture

Just thought everyone else should get on the bandwagon and email the Times and thank them for bringing us such prophets/philosophers the likes of P.K.  I wonder who will be around longer ?  P.K. and his witchcraft or the New York times and there factual reporting ?

Sat, 11/06/2010 - 18:15 | 705638 10044
10044's picture

People who have listened to Rogers have gold, people who have listened to Krugman have food stamps.

Sat, 11/06/2010 - 19:28 | 705740 knukles
knukles's picture


Sat, 11/06/2010 - 20:58 | 705855 goldsaver
goldsaver's picture

+1 I'm loving it!

Sun, 11/07/2010 - 08:06 | 706311 Chris Jusset
Chris Jusset's picture

Excellent.  People who have listened to Krugman have food stamps and are seeking bankruptcy counsel.

Sun, 11/07/2010 - 21:50 | 707345 Miles Kendig
Miles Kendig's picture


Sat, 11/06/2010 - 18:16 | 705644 TooBearish
TooBearish's picture

Why waste the effort and ink on this asshole Krugman - hes simply vieing for Larry Summers job and at seat at the table of team Bam Bam

Sat, 11/06/2010 - 18:22 | 705647 Sancho Ponzi
Sancho Ponzi's picture


Krugman said: "In the end, the world must have much smaller deficits than surpluses."

Did this idiot not take Accounting 101? Does he not understand the world economy can neither run a surplus nor a deficit? 

Sat, 11/06/2010 - 18:22 | 705655 kane1559
kane1559's picture

what was the date on this interview?  i know you said 2008 but i couldn't discern as to when in 2008   thx

Sat, 11/06/2010 - 20:12 | 705791 kathy.chamberli...'s picture

i was thinking when bush was still in, and before elections.

Sat, 11/06/2010 - 18:30 | 705667 dcb
dcb's picture

Krugm,an is an idealoge. he will never abadon his religon because it is his purpose in life, same with Bernanke.
Just like the church insisting the earth was flat, orr the sun and planets revolved around the earth/

Sat, 11/06/2010 - 18:34 | 705671 -Michelle-
-Michelle-'s picture

I enjoy Taranto's almost daily ribbing of Krugman.  This one was a gem:

Sat, 11/06/2010 - 18:38 | 705674 Phineas Gage
Phineas Gage's picture

Here's someone not suffering dementia:

"Microsoft CEO Steve Ballmer has recently sold about 12 percent of his stake in the company, recent SEC filings revealed, prompting a statement from Microsoft that the executive plans to part with about 75 million shares total, or approximately 18 percent of his 408 million estimated shares, by year's end for "diversification and tax planning" reasons.

Ballmer sold 49.3 million shares in the last three days at an average selling price of $27 per share, for a net gain of $1.34 billion. If he sells the full 75 million shares, he will gain a total of around $2 billion, but still own around 325 million shares, or about four percent of the company, worth nearly $10 billion."


Guy is clearly experimenting with this new wealth effect thing.  Should help the buy/sell stats for insiders this week.

Sun, 11/07/2010 - 15:11 | 705676 Miles Kendig
Miles Kendig's picture

It is supremely unfortunate that Krugman's foray into the fight club arena of ideas is premised upon snivel drivel.  Rogers may love yellow rather than red (for good reason, thanx for taking my ? Jim), but that is no excuse to go where Paul did.  In this no surer tell tale could be provided at this time by the JMK, super macro econometric centrist camp as to their level of discomfort over the growing disillusionment of an ever greater portion of society with the high priests of monetary & fiscal policy. Disillusionment that is gaining an ever greater acceptance that the homogenized alphabet soupism of faith based governance poses a far greater threat to society than unwinding their cumulative actions ever would.  No wonder Krugman, Mishkin, Yellen, Bernanke and all the rest, including King, Kay & Buiter (who do a far better job in the ring than Krugman ever will) are growing uneasy.

In this equating Krugman & Assoc Ltd, with a frat toilet is simply priceless.  Should be a frat toilet from a school where the water can't be trusted so they make do with beer and opium.  No wonder these folks believe dog food is the answer for everyone.

PS - Hey Jim, a h/t from off S. Main

the real deal


Sat, 11/06/2010 - 18:40 | 705678 Nat Turner
Nat Turner's picture

I used to like Krugman. His fall from grace woke me up. The man is a liar.

Sat, 11/06/2010 - 18:48 | 705691 lizzy36
lizzy36's picture

Krugman is an academic, just like Bernanke. To them this is all grand theory and experimentation. Their balls/wallets are not on the line.

We have a saying "put your money where your mouth is or shut the fuck up".

Jim Rogers, does that everyday.  So even by default he wins.

I suppose people listen to men like Krugman or Bernanke, because they have fancy degree's and prizes.  I have always preferred the people who are on the front lines. If you want the truth talk to a solider, not a general.

Sat, 11/06/2010 - 22:38 | 705949 MsCreant
MsCreant's picture

Two junks. One from Krugman, one from Bernanke. Otherwise the person would have let you know why they were junking you. Those two, we understand.

Carry on.

Sun, 11/07/2010 - 08:54 | 706350 aheady
aheady's picture


Sat, 11/06/2010 - 18:50 | 705692 Al Gorerhythm
Al Gorerhythm's picture

I took Paul Krugman's name and placed it in an I-pad synonym app. Try as I might, the the damn thing would only come up with Douche Bag.

Sat, 11/06/2010 - 19:17 | 705725 honestann
honestann's picture

What a tragic farce of epic proportions.

Clowns like Krugman and Bernanke say whatever is require to maximize theft by the predators-that-be, and maximum the scope of central planning.

In return, the predators-that-be and central-planners give them given fancy titles, awards and authority that are then pointed-at to justify the criminal actions taken by those very same predators-that-be, central-bankers and central-planners (which are different departments of the same open conspiracy, after all).

How can humans be so stupid to put up with this insanity?

Sat, 11/06/2010 - 22:07 | 705919 zaknick
zaknick's picture

You were doing pretty well until your last sentence.

Sun, 11/07/2010 - 17:06 | 706993 chopper read
chopper read's picture

ha, ha.  +1

Sun, 11/07/2010 - 20:21 | 707241 honestann
honestann's picture

Yeah, it should probably have been something like:

Humans are insane to put up with such stupidity.

Sat, 11/06/2010 - 19:17 | 705727 Fraud-Esq
Fraud-Esq's picture

Krugman and the any-deficit types are actually neocons in disguise. Like Dick "don't worry" Cheney, they ALL rely on military dominance for their theory, 

except they don't ever really say it. That's why Krugman finds a perfect home at the NYTimes. They play the same "we get you into wars and then

criticize wars for you" yellow-journalism game. But - never forget - the New York Times is the NEW YORK Times. They're primary benefactors have 

always been bankers. They won't remind you of that today and they will criticize, but only to a degree and degrees mean everything when you're a two 

faced actor. On Meet the Press, just prior to Iraq and debt spending for banks, Dick Cheney couldn't stop mentioning the New York Times fake

aluminium tube story. They march together on all the BIG issues of empire, war, currency, and debt spending. 

Sat, 11/06/2010 - 22:10 | 705923 Yits and the Yimrum
Yits and the Yimrum's picture

very good points Krude-man is just a "talking mule" for the squids many enterprises namely, military industrial complex, university mind programming, government and psudo science/university research

the varoius mangers, operators and fuctionaries that inhabit these parasite institutions need a soothing voice to tell them all is well and they are doing gods work

the good thing is, these idiots will never see anything coming and they'll be fleeced in toto

Sun, 11/07/2010 - 17:12 | 707001 chopper read
chopper read's picture

you can include Comedy Central as co-conspirators and useful idiots.  John Stewart (our modern-day Joseph Goebbels) is the younger brother of Larry Leibowitz, the Chief Operating Officer of the New York Stock Exchange (read: "Wall Street Cookie Jar"). Well, as long as its good for New York City, the Wall Street Industrial Complex, and the International Banking Cartel... ...nothing to see here, dude. Carry on.

Sat, 11/06/2010 - 19:24 | 705729 Bill Lumbergh
Bill Lumbergh's picture

Shut it down Thugman...a prepubescent teenager can formulate more coherent policy than your Ivy League drivel.

Sat, 11/06/2010 - 19:20 | 705732 kiwidor
kiwidor's picture

Paul who?

Sat, 11/06/2010 - 19:29 | 705741 realitybiter
realitybiter's picture

Krugman rocks!!

There are so many folks that hang on every one of his bug-eyed, dead marmot covered weak chinned words!  They worship him.  He is a Nobel prize winner for God's sake.  And those fools will follow his advice when he throws in the towel and recommends owning hard assets to protect against inflation at prices much higher than today's.  Where the hell else do you think those buyers will come from?  Not ZH.

We should thank him.

Sat, 11/06/2010 - 20:50 | 705841 Pining for the ...
Pining for the Fjords's picture

What a great take.  He is, for our purposes, a useful idiot.  Don't be hatin' on poor Paul, we should be celebrating his every imbecilic utterance, every clueless statist rant- it all means more $ in our pockets when the freight train of reality comes crashing into the fools who thought a Nobel Prize must means he knows what he is talking about. 

Credentialed, not educated. Rock on, Paulie.

Sat, 11/06/2010 - 22:42 | 705955 MsCreant
MsCreant's picture

So we are no different from the squid, except in scale then? We play the way the squid plays. Squidz got gold.

Sat, 11/06/2010 - 19:42 | 705753 Anal Picnic
Anal Picnic's picture

The comments below Krugman's NYT piece are overwhelmingly favorable and openly derisive of the uneducated flatheads who think differently than they, the elite, all knowing, progressive illuminati. These same geniuses favor massive infrastructure spending, unlimited unemployment benefits and central planning by Ivy League egg heads. They don't worry about paying for it because their guru Krugman told them money is free.

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