• Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

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

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 12/13/2012 - 22:24 | 3061655 Clueless Economist
Clueless Economist's picture

When

Thu, 12/13/2012 - 22:30 | 3061669 RockyRacoon
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

Thu, 12/13/2012 - 22:31 | 3061681 Western
Western's picture

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

Thu, 12/13/2012 - 22:41 | 3061709 Big Slick
Big Slick's picture

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

Thu, 12/13/2012 - 22:54 | 3061741 ratso
ratso's picture

Marc faber is a moron.

Thu, 12/13/2012 - 23:04 | 3061763 Dr. Engali
Dr. Engali's picture

What's you net worth?

Thu, 12/13/2012 - 23:49 | 3061858 Thomas
Thomas's picture

I Krugman = $5 trillion

Fri, 12/14/2012 - 00:12 | 3061882 flacon
flacon's picture

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

Fri, 12/14/2012 - 00:38 | 3061899 TruthInSunshine
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.

 

Fri, 12/14/2012 - 00:42 | 3061924 vato poco
vato poco's picture

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

Fri, 12/14/2012 - 01:27 | 3061954 knukles
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?

Fri, 12/14/2012 - 04:40 | 3062046 AldousHuxley
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.

Fri, 12/14/2012 - 05:24 | 3062069 zhandax
zhandax's picture

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

Fri, 12/14/2012 - 07:52 | 3062133 GetZeeGold
GetZeeGold's picture

 

 

 

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

Fri, 12/14/2012 - 09:11 | 3062229 HoofHearted
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?

Fri, 12/14/2012 - 05:20 | 3062065 zhandax
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...

Fri, 12/14/2012 - 08:30 | 3062159 Acet
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.

Fri, 12/14/2012 - 08:34 | 3062165 Ghordius
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

Fri, 12/14/2012 - 09:13 | 3062234 HoofHearted
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.

Fri, 12/14/2012 - 00:49 | 3061930 fourchan
fourchan's picture

the fed is the only buyer.

Fri, 12/14/2012 - 04:33 | 3062044 HD
HD's picture

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

Fri, 12/14/2012 - 04:40 | 3062047 AldousHuxley
AldousHuxley's picture

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

 

Fri, 12/14/2012 - 10:15 | 3062403 sessinpo
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.

Fri, 12/14/2012 - 01:05 | 3061943 Missiondweller
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.

Fri, 12/14/2012 - 01:52 | 3061970 Hapa
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...

Fri, 12/14/2012 - 02:05 | 3061978 TruthInSunshine
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.

Fri, 12/14/2012 - 04:24 | 3062041 AldousHuxley
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.

Fri, 12/14/2012 - 08:55 | 3062187 unrulian
unrulian's picture

+1 for shooting the CB

Fri, 12/14/2012 - 02:54 | 3062006 rufusbird
rufusbird's picture

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

Fri, 12/14/2012 - 07:10 | 3062102 fiftybagger
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/

Fri, 12/14/2012 - 02:15 | 3061986 Deepskyy
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.

 

Fri, 12/14/2012 - 04:28 | 3062043 AldousHuxley
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.

 

Fri, 12/14/2012 - 12:08 | 3062813 nofluer
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.)

 

Fri, 12/14/2012 - 08:18 | 3062153 IamtheREALmario
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.

Fri, 12/14/2012 - 11:01 | 3062562 Element
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.

Fri, 12/14/2012 - 13:24 | 3062718 nofluer
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.

Thu, 12/13/2012 - 23:26 | 3061807 Cabreado
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?

Thu, 12/13/2012 - 23:38 | 3061837 boogerbently
boogerbently's picture

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

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

Thu, 12/13/2012 - 23:44 | 3061849 Schmuck Raker
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?

Fri, 12/14/2012 - 00:01 | 3061878 smiler03
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.

Fri, 12/14/2012 - 00:45 | 3061927 vato poco
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.

Fri, 12/14/2012 - 01:54 | 3061971 Hapa
Hapa's picture

adblock works, quick, easy to install

Fri, 12/14/2012 - 01:54 | 3061972 Hapa
Hapa's picture

adblock works, quick, easy to install

Fri, 12/14/2012 - 04:51 | 3062054 WTFx10
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?

Fri, 12/14/2012 - 08:58 | 3062194 unrulian
unrulian's picture

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

Fri, 12/14/2012 - 12:12 | 3062824 nofluer
nofluer's picture

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

Fri, 12/14/2012 - 00:03 | 3061879 Bindar Dundat
Bindar Dundat's picture

Shhh. He came first third and fifth in the contest

Fri, 12/14/2012 - 00:24 | 3061909 ultimate warrior
ultimate warrior's picture

Down arrows mean you're a fucking idiot.

Fri, 12/14/2012 - 10:08 | 3062383 sessinpo
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.

Thu, 12/13/2012 - 23:13 | 3061778 The Gooch
The Gooch's picture

The Cro-Mags don't deserve that.

http://www.youtube.com/watch?v=f7eIQBCii_E

Do NOT follow this link or you will be banned from the site!