Marc Faber: "Paul Krugman Should Go And Live In North Korea"

Tyler Durden's picture

If there is one thing better than Marc Faber providing a free, must-watch (and listen) 50 minute lecture on virtually everything that has transpired in the end days of modern capitalism, starting with who caused it, adjustable rate mortgages, leverage, why did the Fed let Lehman fail, why was AIG bailed out, quantitative easing, Operation Twist, where the interest on the debt is going, which bubbles he is most concerned about, a discussion of gold and silver, and culminating with his views on a world reserve currency, is him saying the following: "The views of the Keynesians like Mr. Krugman is that the fiscal deficits are far too small. One of the problems of the crisis is that it was caused by government intervention with fiscal and monetary measures. Now they tells us we didn't intervene enough. If they really believe that they should go and live in North Korea where you have a communist system. There the government intervenes into every aspect of the economy. And look at the economic performance of North Korea." Priceless.

50 minutes of Faberian bliss:

Courtesy of TheBubbleFilm

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RockyRacoon's picture

I like it!  Matching avatar and screen name.  You have a perfect balance.

Just for the fun of it -- the graphic of the week:

http://www.ritholtz.com/blog/wp-content/uploads/2012/12/graphiccc.png

Western's picture

Marc Faber is a great human being. Krugman is a fuckin cro-mag.

Big Slick's picture

Dec 13th.  Happy 54th Ben!  May your wildest dreams come true.   

ratso's picture

Marc faber is a moron.

Thomas's picture

I Krugman = $5 trillion

flacon's picture

"modern capitalism" -> Phew... I am glad we found the culprit for our woes. 

TruthInSunshine's picture

This is one my more substantive posts on the fraud that is Paul Krugman, and I wish ZH would do a headline article on the matter.

Krugman is out tonight with an op/ed claiming that there is no debt crisis because the demand for U.S. Treasuries is high, therefore indicating that the U.S. has the full confidence of investors who are buying its debt at record low (or nearly so) yields.

Really, Paul Krugman? You're a complete and total fraud, intentionally so. There's no way that you could possibly not know the % of U.S. Treasuries that are being outright purchased from Primary Dealers, who know that the Fed will purchase these from them and pay them a commission while they're at it.

In other words, Paul Krugman, demand is "so strong" for U.S. Treasuries at historically low yields that the Fed has been forced to step in as a huge buyer of said treasuries in order to try to prevent the yield from spiking.

How can anyone with an I.Q. above 100 not see Krugman for a complete and total fraud?

Krugman: The G.O.P.’s Existential Crisis

By Published: December 13, 2012

We are not having a debt crisis.

 

It’s important to make this point, because I keep seeing articles about the “fiscal cliff” that do, in fact, describe it — often in the headline — as a debt crisis. But it isn’t. The U.S. government is having no trouble borrowing to cover its deficit. In fact, its borrowing costs are near historic lows. And even the confrontation over the debt ceiling that looms a few months from now if we do somehow manage to avoid going over the fiscal cliff isn’t really about debt.

 

Now, calling Krugman out should be a trap for him to fall into. Don't go further than this.

He'll inevitably respond that corporate bonds and other sovereign bonds are low, also, so that these "competitors" to U.S. Treasuries also indicate further support for his claim that demand is strong across the board for debt.

What he won't admit, apparently, is that things are as they are because of the Fed's unprecendented purchasing of U.S. Treasuries, which the Fed itself announced as primary means of driving interest rates lower, and which other central banks around the globe soon emulated, thus creating an atmosphere whereby the yields on competing debt instruments, such as corporate bonds, could sink lower, also.

In other words, the low yield environment on U.S. Treasuries, foreign sovereign bonds, and corporate debt, is primarily a result of a Fed and central bank rigged market, and the Fed and other central reserve banks themselves announced this manipulation of the market as a monetary policy goal for years now, yet Krugman claims it's the result of efficient market forces, essentially.

I don't know of a bigger liar and fraud than Krugman. I doubt one exists.

 

vato poco's picture

Krugman = Baghdad Bob + a Nobel (LOL) Prize. Only difference is, Ol' Bob at least had a sense of style.

knukles's picture

Bob had a sense of humor, too.
One of the last times the real Dr.K was here rambling on about some shit he got real mad at me and wouldn't answer questions.

When he does visit these sacred halls, have ya'll ever noticed it's very late at night, his ramblings make little sense are sorta disjointed, he evades direct commentary, attempts to convince everybody that we're on the same wavelength, fighting the same good fights, yet treats us as children?

Perhaps utilizing this audience as an escape wherein dreams of influence and grandeur seek reinforcement?

AldousHuxley's picture

Marc Faber and Krugman both tell truths.

 

US had faked productivity growth and now deserve currency devaluation.

 

 

Marc Faber doesn't want banksters using victims to protect their cartel by getting bailed out in the name of homeowners and jobs for middle class.

zhandax's picture

Faber recognizes it is a cartel and doesn't mind calling a spade a spade.  At least you concede it exists.

GetZeeGold's picture

 

 

 

I don't care who you are.....that's some funny crap there!

HoofHearted's picture

OK, so do we take up the collection to send Krugman to North Korea, or do we just strap him to one of Kim Jong Un's rockets so that the two of them can smoke together?

zhandax's picture

How can anyone with an I.Q. above 100 not see Krugman for a complete and total fraud?

TIS, you are still measuring IQ on the gold standard.  I suspect grading has been commandeered by BLS.  Probably handed over in the 'No Child Left Behind' initiative.  Look around...

Acet's picture

It's not even a real Nobel prize.

There is no such thing as a Nobel Prize for Economics, all there is is a Prize in honor of Alfred Nobel which is given by the Swedish Central Bank.

Alfred Nobel never set up a prize for Economics, probably because he thought it was not a real Science.

A bunch of economists set up a prize for Economics, misnamed it to be confused with a real Nobel Prize and proceeded to give it to each other. Kinda shows you just how honest they are, doesn't it!?

Krugman's prize is about as worthy as a (in the honor of Alfred) Nobel Prize for Sewage Treatment Technology or Astrology.

Ghordius's picture

+1 Alfred Nobel hated economists

Though it might also have something to do with his wife the tryst she had with an economist, if my memory is not failing me

OT @Acet: here a comment I'd like to know your mind about

HoofHearted's picture

Nobel never got married. As a mathematician I've heard the story a thousand times...that this is the reason there is no Nobel in math. But the man never married.

HD's picture

Not yet - but damn close. Should be the number one story on the news every night...but not a word.

AldousHuxley's picture

fed is always the buyer...buyer of last resort...that's their job.

 

sessinpo's picture

Yes currently. That was not their original mandate. It has changed over the years as liberalism has grown and infected all parts of government and culture. And you don't see that this is the problem which is why you get such negative thumbs down on most of your posts. The FRB stepping in, in my opinion and I would surmise the opinion of the vast majority here, disrupts and manipulates the free market system with horrid effects, such as creating bubbles in various sectors.

But go ahead and maintain your liberal view and I'll continue to tear it apart as I've done many times. The solution is not the FRB, not the Fed Government, but the people itself.

Missiondweller's picture

Its hard to believe he's as stupid as he talks. I think he is merely a political creature wrapped up as an "economist". Most of the crap he says is only believable if you are ignorant of economic history.

How many people know the Fed has been buying 70% of Treasuries? And that its now going to increase to 90%. He relies on people's ignorance. Sadly, there's no shortage of that among the sheep.

Hapa's picture

hard to imagine that Krugman is either that stupid, or so completely in the pocket of TPTB. Which is it?  It boggles the mind to ponder how people can be so clueless, yet promote themselves as experts....and for other to take their B.S. as meaningful.  I suppose the ability to delude oneself knows no bounds...

TruthInSunshine's picture

If you all really want to get physically ill, go and read the comments from Krugman's literally cult-like fans/followers that flow in response to ANYTHING he writes, no matter how  massive a factual and logical fail it may be.

That is what a cult of personality looks like.

AldousHuxley's picture

actually North Korea has it right.

when they had a currency default, they shot the central banker.

then tried to pay off polish debt with ginseng root.

 

 

Krugman doesn't realize good intentions are not always enough. unfortunately, bailing out homeowners also means bailing out banker bonuses and punishing savers.

Faber wants pain now and get it over with.

Krugman wants to smooth out the pain but going to drag things out.

rufusbird's picture

As I recall the story, most of the townspeople were praising the Emperor's new suit of clothes.

fiftybagger's picture

Or perhaps the oft abused Occam's razor should be turned on its head.  The simplest explanation is that there's a conspiracy.

http://www.brotherjohnf.com/

Deepskyy's picture

No Paul, we have an idiot crisis.  When we started putting warning lables on the bleach to idiot proof the world, shit went down hill.  We have idiot proofed the world and now it is full of idiots.  Due to sheer number of idiots, some of them were bound to end up in charge, so here we are.

Doomed to forever be told by clueless hack "economists" that the .gov will save us all, so long as we spend enough of other people's money.  And when that runs out, we'll just print more of it.

 

AldousHuxley's picture

military super power + reserve currency = US government plays the role of world police....

 

when bankers make mistakes --> print bernanke bucks for US government --> military adventure --> put commodity producers in their place.

 

nofluer's picture

Give Deepskyy a gold star!!!

With only 7% of Detroit's 8th graders being grade proficient in reading, and 4% in math, there will be no economic "recovery". Instead there will be a HUGE dependent population (about 93% of the population and growing) in about 5 years in MI.

Overall, MI has only 32% proficiency in reading and 31% in math.

"Right to work?" I'd think that the MI teachers first need to be presented with dictionaries that mark the page and highlight the definition of the word "WORK" as they obviously have NO idea that they are supposed to be DOING something for the exorbitant salaries and benefits they get. (NOT "earn"!!!)

MI needs an educational "reset." FIRE THEM ALL, and just hand out vouchers to private schools. Even with massive fraud and theft of the vouchers, the outcomes CAN'T be worse!!! (And give cash-equivalent vouchers to parents who home school.)

 

IamtheREALmario's picture

Seemingly in every conflict there are traitors who turn against their own people for personal gain.

Two possibilities:

1. Paul Krugman is a traitor to the human race

2. Paul Krugman is not a traitor to the human race

    a) he is not human

    b) there is something larger and non-obvious going on that he and only a very few people know about

    c) he is a mind control subject

I reject completely any arguement that he is too stupid to understand that what he is saying is a bunch of trash and false logic.

Element's picture

Well Krug-baby is tribal, it is what they do TiS.  ;\

Think it's reasonanble to suggest he's got a job to do.

nofluer's picture

I think I'll start referring to myself as an "economist." If Krugman can get away with saying that you can deal with deficit spending (debt creation) by borrowing (more debt creation), then anyone can be an economist.

Cabreado's picture

What a conundrum..

Will the "morons" exert more pressure to bring truth to its knees and resolution,

or will intelligent minds such as yours continue to jerkoff in circle style,

'til you win?

boogerbently's picture

Anyone else fed up with the pop-up ads here, recently???

One Doge ad knocked me off the page....blank screen!

Schmuck Raker's picture

Never seen one, though I've come across similar complaints by just a tiny minority, on rare occasions.

Are you using Chrome, by any chance?

smiler03's picture

Popup ads are here all the time. It is how ZH makes money. You can try adblock, it works for me but Tyler won't make anything from  your visit.

vato poco's picture

Been running the web through regular ol' Firefox with all the 'block ads' options I could find enabled - haven't seen a popup here or anywhere else in months.

Hapa's picture

adblock works, quick, easy to install

Hapa's picture

adblock works, quick, easy to install

WTFx10's picture

Whats an ad? Learn how your computer works and you also will have no ads.

Then people wonder why we are in the mess we are in?

unrulian's picture

Internet settings...check pop-up blocker...fixed

nofluer's picture

Pop ups? Never saw one. Also don't see most other ads. Delete Flash and block pop ups (in Firefox).

Bindar Dundat's picture

Shhh. He came first third and fifth in the contest

ultimate warrior's picture

Down arrows mean you're a fucking idiot.

sessinpo's picture

A moron like ratso has to call others a moron because a moron like ratso, can't understand logic and truth. Yea, a personal attack. Bring on your liberalism. I've dealt with it before on this website as others have seen. And I don't even agree with all of Faber's views. But I'll take the risk. I see easy game.