• Marc To Market
    09/23/2014 - 11:39
    Is the Great Republic been on the verge of fragmenting as classic political philosphy said was the fate of all large republics?   
  • williambanzai7
    09/23/2014 - 11:10
    Some of you were no doubt aware that the latest round of Nobel Laureate ballistic mayhem commenced on the day after September 21: The International Day of Peace!

Krugman

smartknowledgeu's picture

An Open Challenge to Paul Krugman: Were America’s Founding Fathers Wrong for Advocating Death for QE Measures?





If monetary debasement can truly create economic recovery, why did our Founding Fathers establish, in the US Coinage Act of 1792, that any persons discovered to be deliberately debasing US money "shall be guilty of felony and shall be punished by death"?

 
asiablues's picture

Debunking Paul Krugman's Icelandic Miracle





In his op-ed dated June 30, Paul Krugman declares Iceland as a "post-crisis miracle". That is totally screaming for a rebuff considering even Greece vowed not to be the next Iceland.

 
Tyler Durden's picture

OECD Secretary-General: Austerity Versus Stimulus - A "False Dilemma"... And The Krugman Bloomberg Interview





The Secretary-General of the OECD Angel Gurria shares some surprisingly candid observations on the suddenly overpopular debate over austerity versus perpetual stimulus, saying it does not have to be one or the other, a choice he calls a "false dilemma" but instead you need one and the other, to be able to achieve any form of economic recovery. "Today's numbers are absolutely unsustainable, not only are they going to spook the market, they are simply not financeable. Whether the market is spooked or not it is almost secondary, you just can not hold it up for too long because you won't be able to finance these deficits, and they are creating a confidence crisis also." We hope that part about the market being "held up" is merely a Freudian slip, because we know that nobody does that - after all the market finds its natural level of supply and demand, and any purported "holding up" would involve central bank intervention... and we all know that's pure conspiracy theory. As to the solution: "Spain and Greece and Portugal are countries which have to start an earlier process of adjustment. It's not going to happen overnight. There has to be a clear path of where they are going. When you are cutting budgets, you have to cut those things that would not affect growth like education, research and development, the things that will move the economies in the years to come." On how to convince Germans to stop saving and start spending: "No reason why one should do that, and there is no possibility of success. Germans are reacting to a situation that was unsustainable. Medium and long-term there is no way that the speed and accumulation of debt can be sustained." And yes, "short term growth" will inevitably be impacted. Gurria can only hope the markets would cut these countries some slack when growth comes in far below expected... Which it won't.

 
Tyler Durden's picture

Goldman Sees "Disturbing Signs" If Government Does Not Bow Down To Krugman, Reflate Monetary And Fiscal Bubbles





Last week, Goldman, in a piece unambiguously titled The Second Half Slowdown has Begun, made it all too clear that unless the US government were to succumb to yet another, and another, and another round of drunken sailor spending, the gratuitous ability of its sellside analyst to place crap companies on Conviction Buy lists may suddenly become mysteriously impaired as reality seeps through the gaps, thereby infuriating CEOs of worthless and overlevered widget makers, who know all too well their corporate earnings are about to be taxed through the nose by the Obama crack economic team, as their stock is about to plunge. Today, just in case the threat may have been missed by the cheap seats the first time around, here comes Jan Hatzius with the ominously titled "Disturbing Signs" which reads like Paul Krugman's induction essay into the Useless Economists' Society.

 
Tyler Durden's picture

Paul Krugman Demands New Fiscal And Monetary Stimulus, Says Time For QE2.0





 BN  11:58 *KRUGMAN: U.S SHOULD USE `EVERYTHING WE CAN' TO BOOST GDP, JOBS
 BN  11:58 *NOBEL LAUREATE KRUGMAN COMMENTS IN BLOOMBERG TV INTERVIEW
 BN  11:58 *KRUGMAN SAYS FED SHOULD HAVE 3%-4% INFLATION TARGET LONG TERM
 BN  11:58 *KRUGMAN SAYS U.S. GOVERNMENT NEEDS TO `GO OUT AND HIRE PEOPLE'
 BN  11:58 *KRUGMAN SAYS SECOND MAJOR STIMULUS PLAN PROBABY WON'T HAPPEN
 BN  11:58 *KRUGMAN SAYS U.S. ECONOMY MAY BE FACING A `VERY LONG SIEGE'
 BN  11:58 *PRINCETON'S KRUGMAN: `MARKETS HAVE BEEN FAIRLY CALM SO FAR'
 BN  11:58 *KRUGMAN SAYS FEDERAL RESERVE SHOULD DO MORE QUANTITATIVE EASING
 BN  11:58 *KRUGMAN: `WE NEED TO GET MORE STIMULUS INTO THE REAL ECONOMY'

 
Tyler Durden's picture

Niall Ferguson: If The Obama Administration Listens To Paul Krugman It Would Lead To An Imminent Debt Crisis





In an interview with Bloomberg TV's Erik Shatzker, Niall Ferguson picks up where Reinhart and Rogoff leave off. The historian discusses the bond vigilantes, "Bond vigilantes are a bit like the people short selling investment banks a couple of years ago. You start with Bear Stearns and Lehman Brothers, you don't get to Goldman Sachs until quite late in the game. In a way the sovereign debtors of the western world are pretty much in that position today. And we are working down the list, starting with Greece, moving on to Spain and Portugal, the UK dodged the bullet by implementing some preemptive measures. Sooner or later the bond vigilantes will get to the US, I don't think it will be this year, but in the absence of any political will to address this problem, this is simply an inevitability." As to why it is inevitable, Ferguson observes the case of the UK which was the only one to manage to grow its way out of massive debt load: "Britain after 1815 had two big advantages, it had the only the industrial revolution at that point that was going on in the word and had the world's biggest empire. I don't see anyone in that happy position today." The outlook: "Is it going to be inflation or is it going to be default. Right now there is no sign of inflation. We have monetary contraction at an alarming rate, and zero inflation in terms of core CPI, so the option of inflating this debt away doesn't seem to be there right now. What you are left with is therefore default. And I think it is a fair bet that US will default at least on the unfunded liabilities of Social Security and Medicare at some point in the foreseeable future. What the Greeks discovered you are fine until you are not fine with the bond market and if you have a non-credible fiscal strategy of borrowing a $1 tillion a year for the rest of time, never ever again running a balanced budget, at some point the markets are going to get spooked, and I think that point is nearer than Paul Krugman believes. Nothing would spook the markets more than for Paul Krugman's advice to be accepted by the Obama administration. That might well be the trigger."

 
asiablues's picture

Ferguson, Roubini vs. Krugman: Slowdown or Depression for The U.S.?





Paul Krugman, obviously in total distress over the G20 deficit cut pact, sees a 3rd depression coming to America. Meanwhile, Dr. Doom--Nouriel Roubini--sees a slowdown rather than a double-dip recession in the U.S., and Harvard University professor Niall Ferguson agrees.

 
Tyler Durden's picture

Ridiculed By Americans Everywhere, Krugman Now Threatens, Gives Unsolicited Advice To Germany, Pisses Entire Nation Off





These days it's hard being a religious fanatic, also known as a Keynesian. It is even harder when you are Paul Krugman (sadly, the cornerstone of NYT's entire paywall strategy), and everyone in your own country is already sick and tired of, and openly ignores your constant appeals to drown the world in new and record amounts of debt, thus ignoring your appeals with impunity. So what do you do when nobody takes you seriously for thousands of miles around? Why you go even further - to the core of Europe in fact... where you proceed to threaten, badger, insult and give your unsolicited advice to anyone that listens. That "unlucky soul" in this case happens to be Germany daily Handeslbatt, which ran an interview with the "economist" in which Krugman stick not a foot, but an entire SS-20 nuclear warhead armed ICBM, in his mouth. And since Krugman is unaware, preaching the benefits of record deficit spending in Germany, ever since that little experiment in hyperinflation known as the Weimar Republic, tends to generate adverse reactions. Which is precisely what happened in this case. Luckily, now Krugman is a persona non grata in at least one country. Unfortunately, it is not the one in which his trite platitudes and melancholic remembrances of the golden days of Greenspan's credit bubble are still published on a daily basis.

 
Static Chaos's picture

Paul Krugman and P. Diddy...Together in a Movie??





Yes, I'm talking about a cameo by the Nobel Prize winner, famed economist and New York Times columnist, Paul Krugman and Sean P. Diddty in an upcoming summer comedy with enough sex and drugs to kill a small commune--"Get Him To The Greek."

 
George Washington's picture

Krugman: Break Up the Giant Banks to Stop Their Domination of the Political Process





I applaud and welcome Paul Krugman's clarification ...

 
Econophile's picture

My (Surprise) Conversation With Paul Krugman





I ran this bit on The Daily Capitalist last year, same time, and got nothing but grief. What do you think?

 
Econophile's picture

Paul "Smoot Hawley" Krugman





Paul Krugman now wants to start the economic equivalent of World War III. The man is dangerous.

 
Tyler Durden's picture

Stephen Roach Says It's Time To "Take Out The Baseball Bat On Paul Krugman"





The Chairman of Morgan Stanley Asia is about as direct as one can be in the following Bloomberg interview: "We should take out the baseball bat on Paul Krugman -- I
mean I think that [his] advice [to push China to revalue the Renminbi] is completely wrong.
” Well, somebody had to finally say it. So instead of pointing the scapegoating finger somewhere else, which seems to be the norm these days (cue G-Pap and his quadrillionth repetition that Greece is perfectly solvent and that unless somebody bails him out (ignore the lack of logic for a second), he will start playing Russian roulette with a fully loaded gun), Roach looks in the mirror: "America does not have a China problem. America has a savings problem. America has the biggest savings shortfall of any leading country in modern history, When you don't have savings you have to run current account deficits to import surplus savings from abroad and run massive trade deficits to attract the capital... Isn't it the height of hypocrisy that America can articulate a particular position in its currency but the Chinese are not allowed to do that." Also some not so kind words about Senator Schumer: "He always has a view no matter where the Renminbi is, that it is 27.5% undervalued."

 
Tyler Durden's picture

130 Congressmen Join Paul Krugman's Campaign To Rid The World Of Chinese CNY Manipulation Once And For All, Consequences Be Damned





By now everyone has undoubtedly been reading reams of primary and secondary opinions based on Krugman's discussion that it is time to play hardball with China on the FX "manipulation" issue. Retaliatory implications aside (and we are confident China will be full of these) it was ironic that one commentator on CNBC today pointed out that since the CNY is pegged to the USD, shouldn't America be looking at itself first when it comes to currency manipulation, before blaming others. In essence, China is merely taking advantage of the exploding US balance sheet, and adding on top of it its own fiat printing largesse, yet offset by its positive trading surplus. Certainly, Bernanke should have thought of that before it set off on the greatest experiment of failed Keynesianism ever. But now that China has served its purpose and was the economic rebound leader for the past year, it may no longer be as needed. No matter the logic though. The people have spoken and they want CNY blood (or the inverse as the case may be -what is that: lymph?). And not just the people. We have just received a copy of a letter signed by 130 Congressmen, and sent to Tim Geithner and Gary Locke, urging the Treasury to immediately address the "growing problems associated with China's continued currency manipulation" and in essence serving as a springboard to the latent protectionism brewing between China and the US, but never really escalating into all out trade war.

 
Tyler Durden's picture

Cleveland Fed Ridicules Krugman, Says Probability Of Recession Based On Yield Curve At Record Lows





The doctor recommended daily Fed reading/hilarity generating allowance presented for your late day pleasure.

 
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