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Krugman Dementia Alert: Former Enron Consultant Says Jim Rogers "Has Been Absolutely Wrong About Everything"
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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The NYT is good for replacing the paper in your bird cage or wrapping up fresh fish.
...or using as a jazz rag.
...at your, uh, picnic?
According to Google, that would be a "santorum" rag.
If I may be so bold, I'd like to suggest that ZH take the lead in a campaign to redefine Krugman, just as Dan Savage redefined Santorum.
When Jim Rogers is interviewed he often says the same thing himself, though he often promotes gold!
As the saying goes, "The quickest way to make a small fortune, is to lose a big one!"
You have to be amazed that the best collective idea of the greatest economic minds, Nobel prizes included, at our Ivy League Universities is basically to tell Joe Six Pack to reach into their wallet, pull out a one dollar bill, tear it in half, and tell yourself you now have two dollar bills and are a dollar wealthier.
Paul Krugman should be referred to only as PigVomit because he looks like a pig and makes me want to vomit.
-Guy who doesn't like PigVomit.
The people can stop Ben and QE2. We need a bank run on Bank of America. We take it down and it all comes crashing down. It will work.
I'm game. Let's do it December 7th to honor the European Anarchists. Not that I think they are real anarchists, more like whinny communists, but a coordinated strike would be sweet. The enemy of my enemy and all...
Good intentions but no firepower.
goldsaver, count me in Dec. 7.
Putting out the call to ZH-er Village Idiot! Some Euro(pean)s have put out the call... Shall we try again?
I'm in. It's work..., I have several accounts at BofA with all the convenient electronic controls, and little time to set up new accounts, but I'm in. 12/7/10 the old accounts close and somewhere else the new ones start on 12/1/10.
Remember, remember, the 7th of December! V
Electronic controls won't give you as much bang for the buck as walking in and demanding FRNs.
Good idea. Buy gold instead.
Anarchists are long on riots, short on brains -- make sure December 7th isn't a Saturday.
This isn't about economics or accuracy but about politics. If you shout that the other guy is dead wrong, and get enough publicity you don't have to prove it - THEY have to prove that they were right.
AND the crapped on party has to connect to every person who heard the drivel to change their minds.
Lies are easier to create than truths. After all - it took Jim Rogers decades to create the truths of his success but only minutes for Krugman to make up crap.
This isn't about economics or accuracy but about politics. If you shout that the other guy is dead wrong, and get enough publicity you don't have to prove it - THEY have to prove that they were right.
AND the crapped on party has to connect to every person who heard the drivel to change their minds.
Lies are easier to create than truths. After all - it took Jim Rogers decades to create the truths of his success but only minutes for Krugman to make up crap.
I think y'all are too hard on Krugman's intelligence. I personally don't think he's that stupid--he's fucking LYING. And for good reason.
When a guy with that kind of influence on dominant public opinion starts saying, "Well, that's it folks, we blew it, we're fucked, it's all over--international finance is going to collapse and we'll need a new currency very soon if WWIII doesn't destroy all life on Earth," things like panics and riots and civil unrest start to really ruin the ability of the "ruling elites" to keep society in line.
It's a bit funny that anyone would expect such an obvious apparatchik to tell the truth in an opinion column in the NYT. Especially from a bunch of cynics like hang out here.
You want stupid? Take a gander at Tom Friedman. That guy's dumb as a post.
Paraphrasing: "India and China will save the global economy over the next two decades."
Thanks, Tom.
Ditto on Friedman and the other flat earthers at NYT.
Friedman thinks he's an expert on everything since he married a wench who inherited billions in the strip mall business.
Idiots like Krugman make me believe in the conspiracy theorists. He has to be some illuminist plant, responsible for disinformation. How else would he keep his job this long?
Have a cigar!
Interesting point. It takes a great deal of effort and outside support to maintain Krugman's sustained level of pure idiocy.
Krugmans brains balanceshit is full of toxic lieabilities.
Krugman is Ellsworth Toohey.
Olbermann as well. Lots of Tooheys out there.
Send him to china as a trojan horse and their country will be a junk yard in 40 years, just like this hellhole. Somehow I don't see china being as "tolerant" of "krugmans" and in the end, this will be their source of strength and preservation.
Krugman opened a box of cracker jacks and won his nobel prize.
Sleep with dogs, you wind up with fleas...:
http://static.seekingalpha.com/uploads/2010/3/9/saupload_nyt_weekday_cir...
Anyone can be right or wrong once or twice, even spectacularly so. But when you rack up a big record of right/wrongness over a substantial period of time - you have to start considering other possibilities.
Empiricism, you can't beat it. And I'm glad that ZH continues to put this kind of cut-and-dried material front and center.
Jim Rogers can be a pain in the ass, don't get me wrong...he's long maple syrup, he's short ex-Asian rice futures....sometimes he talks up obscure shit that's hard to verify or get involved in but yeah, I think his record ultimately speaks for itself. Krugman's, unfortunately does too.
Also, JR has been a commodities bull since the beginning of time it seems like. Even after the BRIC run-up a few years ago we're still probably only on the launch pad....what does PK have to offer on the other side of the ledger?...a Keynesian Hail Mary? Give it a rest Paul. Be glad you have a steady stream of graduation speaker fees to look forward to and call it a day already.
The Krug is part of some flat earth groupthink EsT program. I live in Berkeley, where everyone LOVES the stupid NYTImes and especially The Krug. The NYTimes is for McIntellectuals- and what it writes is taken as Gods law. It's just another corporate rag, with society pages and bs articles
Like how people don't want to wash themselves anymore.
The McIntellectuals spend way too much time reading the Times and not enough time reading the real journalism these days which is blogs and websites. They JUST started writing about the HFT bots. I mean how useless is that??
Even worse, if anyone followed the Krugs advice on the economy, they would be BROKE? He is a flat-out idiot, but the favorite idiot amongst McIntellectuals
Let the rats sink with the ship.
O gets a Nobel, Krugman too, Ben still has a job as Fed-demigod...
...what a great country! Pass me another poop sandwich pls!
If money printing isn't inflationary then why doesn't the Fed give every US citizen $1,000,000?
You didn't get yours? Something about a reset button, because they're even sending checks to dead people.
Jim Rogers is absolutely masterful.
What the hell are you guys going to do? The same banksters who along with local bloody puppets raped the wealth and the peace of the world are now desperately dependent for their temporary survival (death rattle) on your own country's slow death and maybe even descent into chaos. With their "patriot" act police state and deceitful news media (krugface) this is the true scientific dictatorship of the future right here today.
What the hell are you going to do?
Tea baggers need not reply.
It's messy all the way around, so what would you have us do? Iceland is already gone from google maps, and Europe is now imploding. Personally, I'd like to pull our troops out now before they get hurt.
We will, of course, continue to do the responsible thing, at all times, which is to maintain a respectful quiet during the death watch of the EU welfare state to see it go, gracefully or with self-immolation, in response to austerity.
So far, the politicians and banksters here seem to just believe in primal screaming and money printing.
We're all born terminal, so there will be no blindfolds for us either. In between, it's only painful when you don't have toilet paper, and everybody I know here has already stocked up. It's the new gold.
I think "we" (using the term pretty fucking loosely, as personally I'm damn happy these days with 3 hots and a cot) are going to go through all kind of contortions to delay the default on our debts until after a few other "respectable" sovereigns and then "we" are going to bully the rest of the world into the acceptance of a new currency standard that doesn't leave the US population holding the bag for our primary export over the past 40 years: inflation.
It's unjust, I guess, but if "we" spent more than the rest of the world on our military for that long and don't derive some kind of gross overwhelming benefit when the shit gets thick, I'd probably lose confidence in the never-fail dictum that "might makes right."
Since you ask...
PS: Don't blame me, I voted for The Cat in the Hat.
Hmmm...
Google JSF and LCS for a start - and " DON'T derive some kind of gross overwhelming benefit " sounds about right.
Don't get any sort of workable benefit, sounds even better.
There is a LOT of money going somewhere, but less and less value coming back.
But hey, don't lose CONfidence dude.
It's not about hardware. It's never been about hardware. It's about perceived respect for AUTHORITAH.
Remember: we spent a few billion on Star Wars back in Reagan's day, and that's why no one's ever shot a missile at the US.
We're bulletproof.
Although I agree with the point you're making, why no one ever shot a missile at us is because SAC had a fleet of B-52s (and a Looking Glass) in the air 24/7/365 for about 40 years.
Deterrence isn't about our ability to shoot down your missile(s); it's about our ability to stomp the shit out of you even if everyone here is dead. They didn't call it Massive Retaliation for nothing.
it's not that I think Rogers is all cool and all that, but he has been "mostly" right!! WELL worth watching...
Oh, he's plenty cool, too. He took a long term motorcycle trip around the world.
He is also mostly right for sure. He called the commodities so early people thought he was just smoking crack because they didn't see it happening. That was a couple of years ago.
Krugman's job now is to save Keynes to save his own life's work. Too late, Pauley.
Paul Krugman is the next economic victim of SAW IV and has to gnaw off his left arm to keep his head from exploding at this point. He was annoying anyway.
C'mon! You have to love the Prof! He's funny. It doesn't matter whether he makes sense or not. He works for the NY Times for cryan out loud! What's he supposed to say?
Most of the 'eminences' on the media are goofballs. Look @ James Grant. He's another lovable wingnut.
If you want the best analysis you have to pay attention because there are ascending stars, the rest you want to avoid except for fun!
Chris Whalen is enjoying his fifteen seconds of fame brought by the mortgage foreclosure debacle. He's a great analyst and an excellent communicator.
The 'Diva of Deflationary Collapse' Nicole Foss is a bona- fide up and coming analytical superstar with the communication horsepower to suck your brains out. Look for her, she takes no prisoners while being charming @ the same time.
Art Berman has the oil and gas business covered.
For macro you have to go with Steve Keen who has the insights that Krugman wishes he had. Has a better grasp of credit formation and accounting entities, a better model than Krugman who still can't get past Samuelson.
Good list. I'd add down-to-the Earth Hickey, Pomboy (after her $$$ info has percolated to her Clients), and, well, I really like Rosie as true economics, not market (yet).
- Ned
i have no idea why you guys get pissed off at krugman, the fed, etc... buy gold, sit the fuck back, enjoy the show, and take a sip every now an then.
don't forget your lead (Pb) projectors.
... er ... why, he knows exactly how to pitch his "work" to his employer. He has no care in the world about his readers. One hears it all the time: the only industry that despises its customers is the mass media. How are those NYT Class B shares working out for all y'all. But Paul, not a care in the world-this drivel got him his own Nobel Laureate. Success breeds success; he ain' gonna change.
- Ned
Ths most common misunderstanding in the world is to believe that "teh Mediaz's" market is the readership.
The readers aren't the market. They're the PRODUCT.
WOW - great call.
This gave me a laugh when I heard that idiot Krugman said this the other day. Yeah, Rogers is a real idiot; just look at the man's record. In 1970 he co-founds the Quantum Fund which returns 4,200% while the S&P returns 47%. 1983 he calls for a bull market in stocks which then happens until 1999 when he calls for a bull market in commodities. From then until 2006-2007 his Rogers International Commodity Index returns about 248%. In 2007 Rogers is on television saying he is shorting Fannie/Freddie and investment banks. The past year he bought the yen well before it rallied, then bought the euro when it was like $1.22 and look where it is now. Yes, sorry Jim, but you have been wrong on everything; if only you knew as much as Paul Krugman. After all, Krugman said we should replace the bursting of the Nasdaq bubble with a housing bubble and that turned out to be genius.
I love the Rogers interviews.
He actually twitches because he has little patience for the idiot interviewers who broadside him with the tedious dogma from the Fed, Treasury and the Krugman types.
I agree we ought to end the Fed. Fire them!
AGREED!
Annex the FED.. roll tanks up [ for effect, perhaps ], do a top to bottom audit then..
Force their drivel down their throats..
Hey, they are a "private bank" anyway.. the rich owners of which can "afford" to pay the debt!
hehehehehe..
Max Keiser called Krugman a "Salon Monkey" in one of his shows. Krugman is not an economist, he's not a thinker, he's not a producer, he's an act with some sim bells (simian clanging) that a few pay attention to. Salon Monkey is the best description so far.
Jim Rogers will always have my ear when it comes to investing. He may not be right all the time but he's been right more than wrong.
Rogers = realist, Krugman = fantasy
The struggle is the 'Fantasians' trying to keep the world believing their BS while the 'Realist' are kept silent, with only a few hearing the truth. If it weren't for men like Tyler, Max Keiser, & Jim Rogers, all we'd get is the continuing BS from Fantasia.
What is to be learned from this is that the agricultural and resource states (aka "fly-over country") will hold the cards and NooYawk is screwed. Jimbo is dead on right - not bad for a yokel from Demopolis.
Can anyone imagine The Krug riding a Harley around the world and screwing a 20 something in the process?
He and his ilk have screwed LOTS of 20-somethings.
A good read on Krugman: http://www.americanthinker.com/2010/08/paul_krugman_gives_up_1.html
The man has always been an intellectual lightweight. He won a Nobel prize only for hating George Bush. (In much the same way that BHO won a Nobel prize for not 'being' Bush).
Paul Krugman has moved up the ranks from just another arrogant, irrelevant academic to being a disgusting, populist demagogue. I would like to take this opportunity to congratulate him on finally qualifying for public office. You have run a good strong campaign, Mr. Toohey, uh, Krugman.
Can I have some of whatever Krugman's on please?
DavidC
This is why I think every economist should be responsible for managing his own retirement money. He can do anything he wants with it - SPY to Tibetan yak fur futures.
Then, any time he writes a column or goes on television, he's required to disclose his results over a number of different time periods.
I hate Krugman as much as anyone else.
However, to be honest, I've always thought Jim Rogers wasn't all that great. Ever since the 1980s, he has been preaching the same thing: debt will kill the US dollar, buy gold, buy commodities, etc. Read the classic Market Wizards, he says the same thing 25 years ago. Until the past 3 years, he has been DEAD WRONG.
The difference between Jim Rogers and every other person out there who thought the same thing about the debt, USD, gold, etc, is that Jim Rogers was able to put his money elsewhere that made a lot of money so that he could survive financially until his predictions came true.
The fact he was preaching this for the past 25 years doesn't mean that he was right, it just meant that he was lucky enough to be rich enough to see his predictions come true.
Timing is the most important factor to any prediction, and he was completely off in terms of timing. So in that, I agree that Jim Rogers was essentially wrong for the past 25 years, but right in the last 3 years.
Uhhh, he called for the bull market in stocks, and participated in it, and beat the S&P by some 500%.
Rogers has made more money than 99.999% of people on this website ever will, and did it by being CONSISTANTLY right, both in short term and long term predictions. Owning SOME gold was always a good idea, and that is what he said. He NEVER said to go overweight gold in the 80's or the 90's. It wasn't until the 2000's that he started saying that.
*sigh*
.
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.
Krugs absolutely deserves it!! it should be heated to it's melting point and then poured into Krugman's asshole. Good to the last drop!
What I like about Krugman is that he is reliable. Whatever he says, the truth is exactly opposite.
Krugman is an Asshole. As we know Nobel's are handed out by those connected to ply their views and opinions. Obama's Nobel is in a similar vein.
Jim Rogers represents his own views whereas Krugman is a shrill for the criminal establishment.
did he quote himself in the third person? that's a prerequisite for megalomania when espousing views held to be divine, which no one else can understand.
Can you take gold seriously? It's the next Tulipmania:
http://bit.ly/dh3muu
I'm impresed by your touting of such an original viewpoint. Please, tell us more!
Good thing we have these avatars so that you can say that with a straight face and not bust out laughing.
We are so far down the rabbit hole. I dont believe Krugman is an idiot - i believe he is a stooge on the govn paycheck who will say black is white if it means he gets his paycheck.
His latest ramblings are a mixture of desperation on behalf of the establishment and a means to flush out the foe. The foe are hedge fund managers like Rogers and honest , common sense citizens like ourselves.
The battlelines are being drawn.
Krugman received a Nobel Prize just like The Dixie Chicks received 5 Grammys for an album nobody bought. Awards for political correctness. It proves they are worthless. Obama has two Grammys and a Nobel Prize.
I rest my case.
Well this is not suprising. After all Rogers has called Krugman an idiot too so he is simply rehtorically defending his status. What that status is........is of the academic world which is where Bernanke is from. Stupid people???? Hardly. Disconnected with the real world...absolutlely. It is like Rogers said and a number of other intelligent people that I know who echo the same sentiment "why would you follow those people that never saw it coming to beign with......of course these are going to be the same people that fix the problem". To me that is where the ultimate insanity lies.
There has never been any hitorical proof that QE works well? It works in minor fluctuations in a regular economic cycle (which is the creation of credit to offset monetary contraction) but it has never been proven to work in a depressive environment where people can no longer assume more financial debt. It is what causes this inevitable contraction. As for me I listen to people like Rogers, Celente, Schiff and Prechter. To think that a beurocrat or politician is going to save the day is like saying "it is a good idea to set fire to your house so you can collect the insurance"? Insane.
Well said. John Hussman does an excellent job of explaining the futility of QE in his last few market comments. www.hussmanfunds.com
I'd take Rogers in a tussle. Never mess with a redneck, let alone a very rich redneck.
The two are not mutually exclusive.
For example, take “geopol”.
My long term indicators continue to warn of USD strength and EURO weakness.
http://stockmarket618.wordpress.com
Keynesian economists like Krugman are a globally disgraced profession, and as Eric Sprott said a few months ago, “We are now paying for the funeral of Keynesian Theory."
Paradoxically, although Keynesians are well educated, when it comes to the subject of economic theory, they are closed-minded to any and all ideas that are not Keynesian.
Krugman, in particular, knows better, but his unbelievably huge ego forces him to promulgate propaganda that he knows is deceitful and unethical. Last summer, Vedran Vuk said it best when describing Krugman, and he said it in a far more eloquent way that I ever could:
"propagandists may have an outer circle of hell waiting for them, but I’m sure that the darkest corners of Dante’s imagination are reserved for folks like Krugman who spread deceit while being fully aware of the truth."