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Niall Ferguson Goes Searching For Paul Krugman's Embarrassing "Childhood Trauma"

Tyler Durden's picture




 

Update: Krugman's sociopathological (he welcomes the adjective - it "gets the public's attention") response to Bloomberg is below:

"My view is that I am indeed raising public awareness in an effective way -- because the crucial first step is to get the public's attention. We have a situation in which almost the whole political and media establishment is wedded to a pro-austerity narrative; as Ezra Klein pointed out recently, on fiscal issues reporters seem to feel that the usual rules about not taking sides don't apply. So anyone taking on that narrative has to be forceful about it."

"As for Ferguson: what a pathetic response. Notice that he is doing precisely what I never do, and making it about the person as opposed to his ideas. All I have ever done to him is point out that he seems to not know what he is talking about, and that he has been repeatedly wrong. I would never stoop to speculating about his childhood! If he can't handle professional criticism -- which is all that I have ever offered -- he should go find another profession."

"As for Mr. Rehn's complaint, I don't think he gets the meaning of the term 'personal attack.' I have never said anything about him as a person; I don't know anything about him as a person. All I have done is point out that he has been consistently wrong, and that he keeps making the same claims despite years of evidence refuting his propositions. Yes, I write colorfully, to get peoples' attention. But that's not a personal attack."

* * *

Those who have a life outside of finance (or any for that matter), will be excused to know that the man who has done everything in his power to become the biggest laugh out loud joke in the economic establishment (that would be Paul Krugman obviously) at least for those who harbor an original thought and are not indoctrinated by absurd political bias, has been recently engaged in a very public spat with a bunch of other sad self-caricatures, in this case assorted pro-austerity Eurocrats (where the concept of austerity is anything but what it should be, i.e., cutting spending and hiking taxes as seen by the ongoing records in debt in both Spain and Italy) personified mostly by European commissioner Olli Rehn. Krugman has written down his thoughts, for those who can stand his illogical, megalomaniacal, self-aggrandizing Keynesian gibberish, on the matter in "Rehn of Terror", and "Of Cockroaches and Commissioners", while the European take of this sad economist who thinks that "this time is different" and massive debt is the only fix for what is a "massive debt" problem, can be followed here.

And so finally the man who has been taking ad hominem shots at his opponents for years, instead of actually challenging their ideas because his ability to engage in a logical, factual manner is non-existent at best, and utterly humiliating at best, finally and deservedly finds himself on the receiving end of public ridicule and mockery.

To wit:

Stephen Roach: "This style of personalizing attack journalism is not effective in going deep and important policy issues."

Olli Rehn: "I would rather comment on the analytical substance rather personal attacks."

But the best comes from Niall Ferguson who told Bloomberg TV the following:

"In my view Paul Krugman has done fundamental damage to the quality of public discourse on economics. He can be forgiven for being wrong, as he frequently is--though he never admits it. He can be forgiven for relentlessly and monotonously politicizing every issue. What is unforgivable is the total absence of civility that characterizes his writing. His inability to debate a question without insulting his opponent suggests some kind of deep insecurity perhaps the result of a childhood trauma. It is a pity that a once talented scholar should demean himself in this way."

More from Bloomberg TV:

And while it is best to leave it at that, as it is a well-known truism that one shouldn't dirty their hands by handling matter of the Krugman kind, one does hope that a certain Carl Icahn does get involved and launch a 45 minute tirade against the liberal Op-Ed writer.

Alas, for that to happen, it would imply Krugman would have done at least one trade in his highly theoretical life. Which as everyone knows, has and will never happened: because reality, and the mathematical equations describing it are just two very different worlds for the trillion dollar coin-endorsing Nobel prize winner.

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Wed, 03/06/2013 - 14:25 | 3305413 redpill
redpill's picture

It was that one time Beavis lit his ass on fire.

Wed, 03/06/2013 - 14:26 | 3305421 RacerX
RacerX's picture

just 1 time??

Wed, 03/06/2013 - 14:32 | 3305452 Say What Again
Say What Again's picture

Hey krug-man.  Tell me moar about the hamsters

Wed, 03/06/2013 - 14:36 | 3305470 TheFourthStooge-ing
TheFourthStooge-ing's picture

As a child, Krugman was buggered by a rabbit in a pet store.

Wed, 03/06/2013 - 14:56 | 3305536 SafelyGraze
SafelyGraze's picture

only an imbecile could write an article like this.

I cannot explain the author's inability to make -- or to follow -- a meaningful argument. I can only hope that they will seek counseling for their obvious cognitive and emotional deficits.

but the readers of this forum are probably too immature (or stoned) to even be aware of it. or to demand better.

that's why we're richer than you.

hugs,

paul 'n' jamie

Wed, 03/06/2013 - 14:59 | 3305547 NotApplicable
NotApplicable's picture

FWIW, I agree with Krugman that he is "effective at raising issues," but no one ever said he sucked at being a sophist.

If he was a failure, no one would know his name.

Wed, 03/06/2013 - 15:03 | 3305553 camaro68ss
camaro68ss's picture

Krugman reminds me of the kid that always gets picked last on a team.

he would always talk it up at how good he is until its time to Perform, them blames his shitty performance on a Sprained ankle when In all actuality, hes just a shitty player

 

 

Wed, 03/06/2013 - 15:06 | 3305575 Dr Paul Krugman
Dr Paul Krugman's picture

Go to any University and ask the professors if they agree with my theories.

Wed, 03/06/2013 - 15:12 | 3305605 sbenard
sbenard's picture

I have. They don't!

Wed, 03/06/2013 - 15:19 | 3305642 MagicHandPuppet
MagicHandPuppet's picture

I often wonder who is more idiotic: Paul Krugman or the numbskulls who awarded him the Sveriges Riksbank Prize in Economic Sciences (in Memory of Alfred Nobel).

Wed, 03/06/2013 - 15:43 | 3305762 TruthInSunshine
TruthInSunshine's picture

Krugman is to the fractional fiat reserve monetary system/MMT what Goebbels was to the Nazis.

...at least until Krugman lost his fukkin' mind and began babbling publicly about "Alien Invasion Stimulus Programs" and proclaiming that there's literally no debt that could be deemed "too high" for the United States.

The real irony is that, in similar fashion to how progressives claim that the working class in southern states vote against their economic interest by voting for GOP candidates, Krugman's cult-like followers all fall in line to echo Krugman's effusive praise of Bernanke's Quantitative Easing4ever.

Wed, 03/06/2013 - 16:05 | 3305851 formadesika3
formadesika3's picture

Krugman is advising Beppe Grillo.  Great comedy team duo, the joke's on Italy.

Wed, 03/06/2013 - 17:27 | 3306152 TruthInSunshine
TruthInSunshine's picture

Actually, despite the across the board slandering of Grillo by the "financial & economic experts" of the Krugmanomics/neo-butchering-of-much-of-Keynes persuasion, much of (not all) what Grillo says makes a lot of sense.

Wed, 03/06/2013 - 20:41 | 3306770 WhiteNight123129
WhiteNight123129's picture

Ok, I think it is actually fun and witty this monty python quote. http://www.youtube.com/watch?v=9V7zbWNznbs

Come on Niall Ferguson should chill out. We put on this blog charicatures of Krugman, and having fun with Keynesianism which pushed to its bad interpretation and limits is actually hyperinflation but why would Krugman not be allowed to poke fun?

 

Wed, 03/06/2013 - 21:34 | 3307122 smlbizman
smlbizman's picture

i honestly beleive, after watching this guy with his behavior and facial expressions, especially his eyes...that he is not of sound mind and body....no sarc....

Thu, 03/07/2013 - 00:53 | 3307701 TruthInSunshine
TruthInSunshine's picture

You think that?

Many of us KNOW it. Krugman puts the batshit in crazy.

Here's Beppe Grillo, by the way,  - you want to talk about "must see TV?"  This is the real shiznit:

We Can No Longer Tell A Debt From A Credit Thanks To The Fractional Fiat Central Bank Jackals

Wed, 03/06/2013 - 15:14 | 3305613 I am more equal...
I am more equal than others's picture

The list would be too long to publish.  And yet those who can't teach.  Go figure.

Wed, 03/06/2013 - 15:21 | 3305649 adamas
adamas's picture

Dr Krugman, you are economically illiterate, your list of failed theories would be too long to type on this forum , just let it be said that you will be exposed as an utter failure as the entire system im/explodes within the next few years. you shoud have read Menger instead of Keynes.

Wed, 03/06/2013 - 15:24 | 3305668 Dr Paul Krugman
Dr Paul Krugman's picture

In summery:  Ad hom, ad hom, ad hom, the world will and any day now.

Thank you for farting in my direction.

Wed, 03/06/2013 - 15:41 | 3305750 adamas
adamas's picture

Dr Krugman, you and I are very different individuals, I do things, you theorise about possibilities , I make real goods in a real market for real people and sell them globally making millions of your precious dollars every year (converted regularly into gold bullion), that is because I am a person with creative ability and drive, I truly don't need to fart in the direction of a discredited lecturer, if you wish to debate keynes Vs Austrian school , sensibly without resorting to your facile and offensive comments you know where I am.

Wed, 03/06/2013 - 16:27 | 3305944 DoneThis2Long
DoneThis2Long's picture

Thank you for farting in my direction.

Andnow take a deep breath ... deep ... deep ... hold .... hold

Do not exhale till I tell to !!!!

Wed, 03/06/2013 - 15:23 | 3305661 Zap Powerz
Zap Powerz's picture

Mr. Krugman,

It would be easier to consider your arguments if you were more logical and less emotional when making them.

Emotion clouds judgement.  Emotion is irrational and illogical.  I understand that economics isn't a real (hard) science, but I believe you still need to remain logical in your economic arguments.

I appreciate all the time and effort you have put in to the study of economics.  You have probably forgotten more than I will ever learn on the subject. But all your knowlege and experience is being adulterated with emotion.  You have good information, but you draw bad conclusions because of emotion.

You clearly have an ideological agenda that you feel very strongly about.  It is your desire to prove your ideology is right above all else that causes you to make mistakes.  In order to learn the truth, you have to be willing to accept the possibility that you could be wrong, that everything you have ever believed is wrong and you actually know a lot less than you think you do.

 

Wed, 03/06/2013 - 15:36 | 3305727 Dr Paul Krugman
Dr Paul Krugman's picture

Thank you for your comment.  You may be right; maybe I should take a deep breath and relax. 

I do feel strongly about my views; we are talking about the greatest recession - and remember I have called it a depression - since the 1930s.  I hope that taking fire from Joe Scarborough, CNBC pundits, and others - Zero Hedge for example - would be outweighed by my desire to make the right decisions concerning the economy.

Wed, 03/06/2013 - 15:46 | 3305770 WhiteNight123129
WhiteNight123129's picture

This guy is not Paul Krugman, this guy confuses money and credit. Krugman can tell the difference.

 

Wed, 03/06/2013 - 18:25 | 3306404 MortimerDuke
MortimerDuke's picture

Agreed.  This tool is not Paul Krugman.  But he is an amusing replica.

Wed, 03/06/2013 - 15:50 | 3305782 Say What Again
Say What Again's picture

Dude -- I can't decide if you're a funny guy prodding everyone into stupid discussions, trying to get them to over react or the real thing (i.e., really the krug-man).  One thing I'm certain about is that the real krug-man is enough of a narcissistic POS to actually post here.  Either way -- I find your post to be VERY entertaining.

Keep up the good work!

Wed, 03/06/2013 - 21:34 | 3307124 Temporalist
Temporalist's picture

I totally disagree.  The Krugger would never stoop so low as to be confronted by the plebes that disagree with him.  He's far too important for that.  Additionally as a narcissist he'd never think he'd have to answer for himself or his beliefs he just makes statements.

The Platinum Pontiff is ordained by god himself (Keynes).

Wed, 03/06/2013 - 15:53 | 3305796 whotookmyalias
whotookmyalias's picture

I do not claim to be very smart but I do wonder about some things.  

  1. It appears that most of the wealth created by the Fed policies has not produced a rise in real wages and buying power, but has inflated the stock and housing markets. I don't see how this is sound policy.  It is going to make people even more reliant on government while our taxes are rising, health costs are rising, and retirements are put at risk.
  2. People say that inflation is low and yet most times whent they say this it just means they haven't been to the grocery store or gas station recently.  A half gallon of OJ is not only more expensive, but it's not a half gallon anymore.  
  3. Finally why doesn't it worry economists and government officials that the US has acheived a lot of it's growth by outsourcing jobs.  I find it hard to have a real recovery without having the ability to produce value. The Chinese understand this.  The US does not. And I say does not because no matter what they say, their actions do not attempt to address this matter.

 

Wed, 03/06/2013 - 18:05 | 3306329 Zap Powerz
Zap Powerz's picture

Mr. Krugman,

In my humble opinion, the economy isnt something that needs to be managed.  To me, that is the flaw in your thinking.  You think with the right formula we can create a perfect system.  We cant!

The economy is organic. Its the byproduct of millions of people making choices everyday.  Its impossible to control that and have a good outcome.

Allow freedom to flourish and the economy will flourish.  The more we try to control and manipulate the economy, the worse it gets!  Lets just try leaving it alone for a while and heal from all the damange we have done to it.

Wed, 03/06/2013 - 15:26 | 3305680 resurger
resurger's picture

"Print"

Wed, 03/06/2013 - 15:29 | 3305694 sodbuster
sodbuster's picture

theory- An assumption based on limited information or knowledge; a conjecture. An unproved assumption.

Wed, 03/06/2013 - 15:39 | 3305744 Dr Paul Krugman
Dr Paul Krugman's picture

the analysis of a set of facts in their relation to one another

the general or abstract princeples of a body of fact, a science

a plausible or scientifically acceptable general principle or body of principles offered to explain phenomena

Wed, 03/06/2013 - 15:45 | 3305766 espirit
espirit's picture

Spell checker on the fritz?

Wed, 03/06/2013 - 16:00 | 3305827 sodbuster
sodbuster's picture

The fact remains, they are unproven assumptions. Abstract. General principles. In other words, your best guess. The truth is, the fed does what it does, to prop up the TBTF banks. The hell with everything else.  The policy of the government to inflate is a bid toward the people that really run things- the banks and the wealthy. Inflation is the primary means by which the poor can be robbed and the rich grow much richer. Inflation is the very core of the great scam. The TBTF banks got a new asshole ripped open, because of the massive leverage they use, inflation and fiat printing is their way out. You just carry their dirty jockstraps.

Wed, 03/06/2013 - 16:06 | 3305862 petolo
petolo's picture

......and wet birds never fly at night.

Wed, 03/06/2013 - 15:30 | 3305699 adamas
adamas's picture

he just +1 his own comment , hilarious!

Wed, 03/06/2013 - 15:57 | 3305803 AurorusBorealus
AurorusBorealus's picture

I spent a lot of time in the American Universities.  Most of the professors there believe that gender is a social / cultural construct (despite a host of biological evidence, including the act of reproduction, to indicate otherwise).   Most of the professors there also believe in some version of Marxist / Gramscism.  Most of the professors there also believe that objectivity is impossible and that every statement is the exercise of power, ala Diderot / Foucault and that the sole function of the university is to engage in the political struggle to dominate the minds of the people.  Of course those same professors agree with you.

 

Wed, 03/06/2013 - 16:43 | 3306011 JethroTull
JethroTull's picture

I this you mean Derrida.

Wed, 03/06/2013 - 16:17 | 3305904 caimen garou
caimen garou's picture

childhood trauma, ha what happened mom pulled you her tit at 40? poor baby!

Wed, 03/06/2013 - 16:59 | 3306057 Overfed
Overfed's picture

There's the problem. too many university professors are morons who agree with your theories and indoctrinate their students with them. Scarcely odd that we're totally fucked.

Wed, 03/06/2013 - 15:23 | 3305660 DeadFred
DeadFred's picture

Before a department meeting when I was complaining about the childish infighting among the professors my coworker said "Remember that kid on the playground in elementary school who was called 'four-eyes' and and got swirliied in the toilet? That was us and it's no wonder we act so strange now that we've supposedly grown up" So true. 

Wed, 03/06/2013 - 15:42 | 3305758 formadesika3
Wed, 03/06/2013 - 15:04 | 3305569 Dr Paul Krugman
Dr Paul Krugman's picture

I have been writing about the ineffectiveness of Olli Rehn's policy for awhile; not sure why this is news.  But since it is news to those who blog from padded white walled bunkers, clutching rocks, yelling about the end of the world any day now, I will share the view:  The fact is that Rehn has been wrong; Ferguson has been wrong - and he has been admittedly so - and I am just pointing out the facts.

The facts are the austerity that has been forced upon Europe has had adverse effects on Europe for years.  When anybody points to debt/gdp figures they ignore that post war Britain had much higher debt/gdp then they do now.  Why are we even discussing austerity when history proves that these claims are unsupported?

And as for all the ad hom attacks that will come, well, you can show the truth to a cockroach, but at the end of the day, it is still just a bug.

Wed, 03/06/2013 - 15:05 | 3305573 akak
akak's picture

Did you buy that mouthwash yet?

Wed, 03/06/2013 - 15:07 | 3305581 Dr Paul Krugman
Dr Paul Krugman's picture

Skull and crossbones guy, do you think you are a pirate?  Why don't you ad hominem me like you did last time.  That seems to work well for you.

Wed, 03/06/2013 - 20:54 | 3305592 WhiteNight123129
WhiteNight123129's picture

Well if you do austerity without writting off bad debt it does not work. So to that extent Krugman has a point.

Ok for austerity but then US has to default of on its debt, a large portion of large banks would go belly up. Consumers have no access to credit card debt and so on and so forth.

Hugely painful but then after all the bad debt is written off, quick recovery. Liquidity should be provided to good banks with good assets, unlike 1929-1933. And then recovery.

It makes no sense to call for austerity without writting off all of hte bad debt. If you are not willing to write off the bad debt, the only alternative is inflate away with teh Gov using newly printed base money to push up prices.

So Austerity cum keep up the bad debt whole is a non starter = permanent depression = Europe

 

Actually if Niall Ferguson calls for Austerity without doing the massive write off of bad debts, he is more in the wrong than Krugman. At least Krugman is consistent with his inflate away program. Keynes works in teh short term but it creates negative duration environment which is bad for investment and bad for projecting yourself in teh future, it degrades morality, incentive to save, incentive to work, it promotes incentives to cheat, and rewards bad behavior, creates a class of people being cheated while they were trying to save money and not buy homes they could not afford and trying not to borrow too much. So Keynesian solution in the short term is beautiful, in the long term horrendous for society. Ok in the long run we are all dead, but I would have loved to retort to Keynes ~ You first Sir! ~

 

Wed, 03/06/2013 - 15:10 | 3305594 WhiteNight123129
WhiteNight123129's picture

I still think you are not Paul Krugman but an imposter because the other day you confused credit and money...

Wed, 03/06/2013 - 15:15 | 3305620 Dr Paul Krugman
Dr Paul Krugman's picture

Here, I wrote this awhile ago; it should explain things for you -

Banking Mysticism, Continued:

http://krugman.blogs.nytimes.com/2012/03/30/banking-mysticism-continued/

Wed, 03/06/2013 - 15:35 | 3305722 WhiteNight123129
WhiteNight123129's picture

Please read Thorton, he is far better than this blog piece.

Banks do not create money. Money is the irredeemable stuff. That is M0, that is excess resreves with the Fed and the bank notes, the think that can not be redeemed into something else.

What you have in your bank account is not money, it is a credit from teh bank and a debit on your side. Net net 0. Read Thorton he explains that better than me.

Money can not go bankrupt and fail or it is credit. So to that extent since your deposit can technical fail, it is not be money. If there was no risk of bank failure and if a deposit at the bank was money, there would be never be a risk of losing your deposit.

Even the people going for their bank notes at Northern Rock understand that those bank notes are the irredeemable stuff that can not fail.

In the fixe monetary regime (bi-mettalic and Gold) we all know what the iredeemable stuff is.

You are definitely not Paul Krugman. Paul Krugman calls for Gov to use base money and spend. He understands that. You are an imposter.

Why do you think the Fed is increasing teh base money (excess reserves)? Because we have too much of thing you call money (which is only created by credit ) in relatio to base money.

The same happened in GOld system, too much credit to base money (Gold), you ahve to restore the ratio. The only way you can do it in Gold system is through bankruptcies. In fiat we can expand base money and de-lever that way, at the cost of long term inflation (Hume, Fullarton, Friedman everybody knows, the real Krugman even calls for this.

So please leave that blog because you are not Paul Krugman.

 

Wed, 03/06/2013 - 15:45 | 3305765 Dr Paul Krugman
Dr Paul Krugman's picture

I understand what you think I don't.  Maybe you misconstrued a post I made.

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