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Guest Post: Niall Ferguson Shatters Paul Krugman’s Delusions

Tyler Durden's picture




 

Submitted by F.F. Wiley via Cyniconomics blog,

We followed the latest Paul Krugman feud – this one with Niall Ferguson – until Krugman’s tag team partner and CYNICONOMICS reader Brad DeLong entered the fray.

After about a half dozen posts on Krugman and DeLong this year, we had some topic fatigue.

Yesterday, we learned that we dropped out too soon. It turns out that Ferguson followed his DeLong post with possibly the definitive piece on Krugman – a three-part series published in the Huffington Post earlier this month (h/t Tim Iacono and Ralph Benko).

On one level, Ferguson’s series reinforces what we already know. Those familiar with Krugman’s positions are well aware that his regular boasts about being “right about everything” are blatantly false. We know, for example, that he recommended creating a housing bubble in 2002, which didn’t work out so well in hindsight. We also know that he says completely different things about government debt depending on which political party is driving the deficit higher. When the GOP is responsible, he complains about “fiscal train wrecks” and the “threat to the federal government’s solvency.” When advising the Democrats to add even more debt, he claims that “we’re not facing any type of fiscal crisis.”

But Ferguson raises the scrutiny on Krugman’s work in his “HuffPo” series. He draws on meticulous documentation of Krugman’s public positions on the global financial crisis and Euro crisis. He also calls out the posse of liberal bloggers who follow Krugman’s lead by insulting and name-calling anyone who doesn’t think as they do. (See here for one of our related posts.)

Benko published a nice summary of Ferguson’s articles in Forbes.

I’ll combine the links with a handful of other Krugman-related posts we saved this year, starting with the HuffPo series:

  • In “Krugtron the Invincible, Part 1,” Ferguson notes that he didn’t make up his title – it’s actually a name Krugman calls himself (!) – and focuses especially on Krugman’s stated views on the Euro. Here’s an excerpt:

“I like to think,” Krugman wrote on August 14, “that if I had been proved … utterly wrong … I’d have had the strength of character to admit it and question my premises. But I don’t know for sure, and with some luck I’ll never find out.” Now that I have shown Krugtron the Invincible to have been utterly and repeatedly wrong about the euro, I look forward to reading his admission of error.

To be precise, I would like to see him admit that he got the biggest call of the last several years dead wrong, again and again and again…

  • In part 2, he turns to the global financial crisis and again scours the public record to show that Krugman failed to understand events as they developed, concluding that:

One might have expected a little more humility from an economist who so clearly failed to understand the nature of the biggest financial crisis of his lifetime until after it had happened. Or at least a little less egomania: “Yes,” he wrote in January, “I’ve heard about the notion that I should be Treasury Secretary. I’m flattered, but it really is a bad idea.”

  • The third part places both Krugman and Krugman’s economics in their proper context. I’ll share the first two paragraphs and recommend reading the whole piece if you haven’t already done so:

In my previous two articles, I have shown that Paul Krugman – revered by his acolytes as the Invincible Krugtron – failed to anticipate the financial crisis and wrongly predicted that the single European currency would fall victim to it. I have exploded his claim to intellectual invincibility. Very clearly, he has made at least twice as many major mistakes in his career as the mere two he has previously admitted to.

You may ask: Why have I taken the trouble to do this? I have three motives. The first is to illuminate the way the world really works, as opposed to the way Krugman and his beloved New Keynesian macroeconomic models say it works. The second is to assert the importance of humility and civility in public as well as academic discourse. And the third, frankly, is to teach him the meaning of the old Scottish regimental motto: nemo me impune lacessit (“No one attacks me with impunity”).

Like a Fourth of July fireworks show, Ferguson’s series feels like a grand finale to a succession of Krugman feuds and clashes this year. Here are just a few of the skirmishes from the past six months:

False accusations, unsuccessful forecasts and other errors

  • Krugman joined a host of other pundits in badly misrepresenting the Reinhart-Rogoff controversy in April. He continued to spread misinformation more than a month after the story broke, finally prompting a reply from Carmen Reinhart and Ken Rogoff, which set the record straight on several matters including their past policy advice and the public’s access to their data. Krugman was shown to have made false accusations and called out for childish antics.
  • Responding again to a critique of his work, Rogoff showed that Krugman’s various positions on Europe’s economy and financial markets were contradictory, while discussing flaws in Krugman’s analytical framework.
  • Robert Murphy showed that Krugman incorrectly forecast disinflation in a blog post dated February 2010. Instead of drifting toward deflation territory as predicted by Krugman, inflation soon turned around and began to trend upward.  Murphy points out that the facts make a mockery of Krugman’s claim to inflation forecasting supremacy.
  • Presumably to compensate for Krugman’s inability to admit mistakes, Tyler Cowen intervened on his behalf in June. In a post amusingly titled “Krugman and I were both wrong about the Fed and interest rates,” Cowen pointed out that the second quarter’s taper-induced bond market rout invalidated Krugman’s näive claim that bond yields were mostly impervious to QE.
  • Krugman challenged a Cowen post containing a hypothetical comment about El Salvador. But he discussed the country’s currency without realizing that Cowen chose El Salvador for his example because it doesn’t have its own currency – it uses the U.S. dollar. Note that any other blogger arguing a point on such an obviously mistaken premise would have surely faced Krugman’s snark. In the same response in which Cowen acknowledged Krugman’s correction, he demonstrates that Krugman managed to not only contradict but also parody his own prior views.

Egotism and pomposity

  • Despite sharing some of Krugman’s core views, Clive Crook objects to his contemptuous attitude.
  • Bryan Caplan disputes Krugman’s boast that he can see the other side’s argument but they can’t see his.

Just to be clear, I’m not criticizing Krugman for the number of battles he gets himself into. If he argued his case truthfully and respectfully, there would be little reason for this post. But Krugman accumulates enemies by inventing his own facts, denying obvious mistakes, displaying über-arrogance and insulting those with opposing views. Fortunately, folks such as Ferguson occasionally bring these points to light.

(For more on Krugman’s public positions, see our critiques of his book, End This Depression Now. In “It’s Time to Change Focus From Reinhart-Rogoff Witch Hunts to Krugman’s Contradictions,” we flagged the circular logic in one of Krugman’s favorite excuses for fiscal profligacy. In “Testing Krugman’s Debt Reduction Strategy and Finding It Fails,” we exposed the flaws in his claim that $5 trillion in additional government debt isn’t such a “big deal.”)

 

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Wed, 10/23/2013 - 09:43 | 4082456 LawsofPhysics
LawsofPhysics's picture

Please, being pig-headed and fully owned by the status quo is a mandatory requirement for winning a nobel prize.  It's a listen to what I say and ignore my actions kind of thing as the people in power like those who promote policies that keep them there.

Wed, 10/23/2013 - 09:52 | 4082468 hedgeless_horseman
hedgeless_horseman's picture

 

 

pro·pa·gan·da  noun \?prä-p?-?gan-d?, ?pr?-\

: ideas or statements that are often false or exaggerated and that are spread in order to help a cause, a political leader, a government, etc.

1  capitalized :  a congregation of the Roman curia having jurisdiction over missionary territories and related institutions

2  :  the spreading of ideas, information, or rumor for the purpose of helping or injuring an institution, a cause, or a person

3  :  ideas, facts, or allegations spread deliberately to further one's cause or to damage an opposing cause; also :  a public action having such an effect

— pro·pa·gan·dist   noun or adjective
— pro·pa·gan·dis·tic   adjective
— pro·pa·gan·dis·ti·cal·ly   adverb

Examples of PROPAGANDA

He was accused of spreading propaganda.
The report was nothing but lies and propaganda.

http://www.merriam-webster.com/dictionary/propaganda

Wed, 10/23/2013 - 09:55 | 4082485 Tsunami Wave
Tsunami Wave's picture

Fuck Paul Krugman and the liberals that love citing this douchebag but can't seem to provide any rebuttal when I answer his talking points they throw at me. Utter hypocritical douche.

Wed, 10/23/2013 - 11:41 | 4082830 knukles
knukles's picture

Fuck Paul Krugman.
And the whole hypocritical uber-liberal establishment with whom he rides.

 

Wed, 10/23/2013 - 13:26 | 4083202 macholatte
macholatte's picture

 

 

He also calls out the posse of liberal bloggers who follow Krugman’s lead by insulting and name-calling anyone who doesn’t think as they do.

They’re not liberals, they are not Democrats, they’re Progressives and proud of it. So please call them what they are and stop confusing people. This is the age of Alynski.

 

If he argued his case truthfully and respectfully …….

 When talking about Progressives, that statement is an oxymoron.

 

Wed, 10/23/2013 - 14:06 | 4083390 Herd Redirectio...
Herd Redirection Committee's picture

Niall Ferguson, Rothschild family apologist.

End of story.  He's on the take, boys.

Wed, 10/23/2013 - 14:52 | 4083644 Steve in Greensboro
Steve in Greensboro's picture

Krugman and his flock of hangers-on are not economists.  They are apologists for the Total State.  Their opinions are not based on economic theory, but rather on what will please their masters in the Ruling Class. 

Nice work if you can get it and if you have no morals.

Wed, 10/23/2013 - 10:19 | 4082502 Disenchanted
Disenchanted's picture

And on the other hand...

 

I think if anybody understands this crisis, it’s Ben Bernanke.   After all, he dedicated most of his life to studying the great depression.   And, we’re really lucky that he’s in that job.   His predecessor, Alan Greenspan, in many ways screwed up.  You could say that the bubble was in large measure a result of his negligence, when he didn’t raise interest rates early enough, and let the real estate market go crazy.  But we’re quite lucky, because Bernanke has got this right so far.   And my great fear is that congress is gonna get power over the Fed.  That’s the nightmare scenario – that we have those crazy people on the hill starting to control monetary policy.  Then I really will go back to Britain. ~ Niall Ferguson in an interview with Bill Maher July 31, 2009

 

"back to Britain" ...as in back to The City?

 

edit: In case someone thinks I made this up...Strangely enough the youtube video with this interview now sez this: "This video doesn't exist"

 

But a commenter 'Caged Monkey' in January 2011 posted the same on a thread here at ZH:

http://www.zerohedge.com/article/niall-ferguson-whether-financial-crisis...

 

http://www.zerohedge.com/article/niall-ferguson-whether-financial-crisis...

comment #882840

Wed, 10/23/2013 - 10:32 | 4082612 gjp
gjp's picture

Thank you for posting this!  Niall Ferguson may be belatedly coming around to the Austrian way but his earlier career was generally a love letter to Anglo-Saxon global domination wihtout regard for the moral and economic decay at the heart of the empire.  He is a blowhard who quite fancies himself too, and likely not to be trusted.

Wed, 10/23/2013 - 11:17 | 4082751 bread n circuses
bread n circuses's picture

Just like kings used the churches and priests to convince the masses of their God-given noble sovereignty and rewarded them for their service, modern day megalomaniacal tyrants use high priests of the dismal science shrouded with the veil of academic legitimacy to justify their raping and pillaging of the common man.

Wed, 10/23/2013 - 13:32 | 4083226 Alexandre Stavisky
Alexandre Stavisky's picture

Fiat currency is a device to shift wealth from the productive sectors of an economy to redirect their purposes to interests of government and a parasitical monied class.  National economists say whatever they want with the public believing themselves the audience.  Not true.  Their words are lent to back the purposes of the shadow economies intentions.  They, with honied words, couch their language such that it seems they wish compassion upon the have-nots (entitlements), wish to spur employment (so increase sovereign borrowing), wish strong military (increase that spending), etc.  Really they justify the hands on the levers of sovereign debt which increases money supply, gives greater power to banking syndicate who receive the money first (& its interest, vig, gameplay), and binds the present and future generations whose labours must service this non-dischargeable, generationally-transferred, debt whimsically undertaken without representation.

Artfully spinning the justifications for debt so that they appear a social good when in fact their only purpose is to enlarge money supply, give the syndicate augmented powers, and stave off the bankruptcy of usury's end game IS THE TRUE PURPOSE.

The lies are out!  The people are sick of the whip-saw costs arbitrarily applied to money.  They detest the fraud of open, unbacked production of paper wealth claims that dilute out all honesty.  They despair the exponential increase in debt which is layered upon many other layers and has passed the point of "payability".  The entire structure has snuffed honest and true wealth creation and as it's collapsing, all watch as open frauds, distortions, manipulations, hand-outs, zombie jobs, political buffoonery, backdoor socialism, and spindoctoring frenetically attempt to keep the facade remotely believable.

Never, while in the spotlight, do they stop to consider, "Have I ever created anything of enduring value".  Termites in the tree of liberty who will eventually bring down a republic.

Wed, 10/23/2013 - 16:49 | 4084077 css1971
css1971's picture

Just be warned. Non believers were hunted down and drowned, hung, drawn, quartered, tortured etc. Expect nothing better for going against the majority.

Wed, 10/23/2013 - 11:23 | 4082769 Headbanger
Headbanger's picture

I only wish Ferguson would just shatter Krugman's skull and get it over with!

Wed, 10/23/2013 - 11:32 | 4082798 masterinchancery
masterinchancery's picture

It would be very entertaining if Ferguson did a Braveheart on Krugman.

Wed, 10/23/2013 - 12:24 | 4082980 alangreedspank
alangreedspank's picture

Yeah smash his head like your avatar. That'll stimulate the economy because they'll have to spend millions to rebuilt his face that makes him look like this creepy uncle some people have

Wed, 10/23/2013 - 10:08 | 4082525 sbenard
sbenard's picture

For a second, I expected a pic of the Propaganda President, the Dictator of Debt, to accompany that definition!

Wed, 10/23/2013 - 10:37 | 4082635 Abiotic Oil
Abiotic Oil's picture

Krugman is an insult to beards everywhere.

He should be pinned down and shaved like a shiny baby's butt. It would be easier to see the shit coming out of his mouth.

Wed, 10/23/2013 - 13:24 | 4083189 jtg
jtg's picture

Look at that face. I know the type from my many years working in an academic environment. Behind that placid face is the opposite, a backstabbing, vengeful, academic type.

Wed, 10/23/2013 - 14:38 | 4083582 JuliaS
JuliaS's picture

The likes of Krugman exist throughout history. He's an equivalent of a painter decorating cathedrals with biblical paintings during dark ages. He tries to flatter the elites and gets recognition, publicity and funding as a result. He's a climate change scientist works on new ice age theories and then flip flops to global warming, when it becomes more fashionable.

He's an establishment whore, or as I like calling him "a Fedophile".

Typecast financial predator beard? Check! Just a head-shave shy of a Fed chairman.

Wed, 10/23/2013 - 10:13 | 4082543 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

That is racisss...

Besides he is of Cuban descent but all them spics look the same.

Wed, 10/23/2013 - 11:43 | 4082837 Headbanger
Headbanger's picture

Lies-man should be made to sit on the Fox News set for a week in silence for being such a douche!

Wed, 10/23/2013 - 14:00 | 4083359 dizzyfingers
dizzyfingers's picture

LawsofPhysics: A kinda NewWorldOrderly thing, isn't it?

Wed, 10/23/2013 - 14:17 | 4083454 sgt_doom
sgt_doom's picture

Both Niall Ferguson (Bretton Woods Committee -- brettonwoods.org) and Paul Krugman (Group of Thirty -- group30.org) are the biggest frauds in existence, and not coincidentally, both organizations cited use the same business address in Washington, D.C., as well as the very same fax number.

http://www.economicpopulist.org/content/who-killed-federal-stimulus

 

Wed, 10/23/2013 - 09:46 | 4082466 Billy Sol Estes
Billy Sol Estes's picture

Most of all he is published in a News Paper and we all know reading News Papers makes you smart and informed.

Wed, 10/23/2013 - 09:51 | 4082482 SheepDog-One
SheepDog-One's picture

Sounds like my dad who still insists on getting 3 newspapers delivered and spread all over the kitchen, no matter how much I show him the internet.

Wed, 10/23/2013 - 10:02 | 4082511 DeadFred
DeadFred's picture

Web pages are useless on the bottom of the bird cage.

Wed, 10/23/2013 - 10:32 | 4082605 CPL
CPL's picture

Might catch a Bass that needs wrapping.  Hard to fold an iPad around a fish.

Wed, 10/23/2013 - 11:01 | 4082702 toady
toady's picture

I brought you a delicious bass.

Wed, 10/23/2013 - 11:23 | 4082765 TalkToLind
TalkToLind's picture

+1!  Pedro offers you his protection.

Wed, 10/23/2013 - 11:33 | 4082800 ParkAveFlasher
ParkAveFlasher's picture

There's more where that came from.

Wed, 10/23/2013 - 12:45 | 4083051 silverserfer
silverserfer's picture

Ugghhhhhhhhhhhhhhh, I got algae on my leader!

Wed, 10/23/2013 - 13:13 | 4083157 Col_Sanders
Col_Sanders's picture

Not really "hard" - just time-consuming...

Wed, 10/23/2013 - 11:10 | 4082721 toady
toady's picture

My brother in law does the same thing. It was a point of contention for years, but we've given up on it now. Actually, it's become a running joke.

They are always late. Now everyone just plans on sitting around an hour, or arriving an hour late, because they know my sister and family will show up saying sheepishly,"Bob was reading the paper."

Wed, 10/23/2013 - 09:53 | 4082486 rtalcott
rtalcott's picture

 

“If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed.”


 Mark Twain

Wed, 10/23/2013 - 09:55 | 4082492 Tsunami Wave
Tsunami Wave's picture

"If you believe everything you read, best not read at all" - Benjamin Franklin

Wed, 10/23/2013 - 09:48 | 4082469 Smegley Wanxalot
Smegley Wanxalot's picture

Krugman is a Nobel Prize winner.

How dare anyone question his superiority?

Wed, 10/23/2013 - 09:51 | 4082481 Cognitive Dissonance
Cognitive Dissonance's picture

Isn't it interesting how in an inauthentic culture "authority" is bestowed by other so called "authorities". This allows the (ideologically) blind to lead the blind.

Wed, 10/23/2013 - 10:12 | 4082540 Shell Game
Shell Game's picture

At all levels - accouting agencies --> rating agencies --> mega-banks. 

 

'The centre {of this inauthentic culture} cannot hold'...

Wed, 10/23/2013 - 10:05 | 4082508 sbenard
sbenard's picture

I remember when Mr. Krugman himself tried to make that case in this very ZH forum a few months ago. He came here and demanded that we all show him due respect as His Nobel-Prize-Winning Highness! He adjured us all to symbolically worship at his feet.

What you say in apparent jest, he said in seriousness! That kind of ego is hubris at its most destructive level!

Wed, 10/23/2013 - 10:09 | 4082532 Dr. Engali
Dr. Engali's picture

Are you sure that was Mr. Krugman and not some very clever, and apparently very good, Hedger who assumed him as an alternative identity to mess with you? 

Wed, 10/23/2013 - 10:16 | 4082549 Cognitive Dissonance
Cognitive Dissonance's picture

I don't know if ZH's Mr. Krugman was 'real', but I certainly know that I'm the almighty and supremely powerful Cognitive Dissonance.

<Just waiting on my Nobel Prize to show all you fools the proof.>  :))

 

 

 

 

<Still waiting. What's taking those fools so long?>

Wed, 10/23/2013 - 10:22 | 4082574 Dr. Engali
Dr. Engali's picture

I believe that Zero Hedge should have their own peace prize. It would certainly be more authentic.

Wed, 10/23/2013 - 18:20 | 4084340 auric1234
auric1234's picture

I doubted that, too. Until he officially denied it:

http://krugman.blogs.nytimes.com/2013/04/08/its-not-me/?_r=0

 

Wed, 10/23/2013 - 13:20 | 4083180 jtg
jtg's picture

Krugman did not win a Nobel prize, he won a prize from the Swedish central bank. Ironic, isn't it?

Wed, 10/23/2013 - 13:35 | 4083244 beercandad
beercandad's picture

Just like his idol and fellow ass licker--the chimp in  chief.

Wed, 10/23/2013 - 09:59 | 4082475 Cognitive Dissonance
Cognitive Dissonance's picture

One simply cannot "change" the mind of ideologues or those paid (or employed) to have and maintain a specific position. Arguing with a fool simply demonstrates who is also a fool. Worse, the argument allows all the greater fools to line up on one side or the other seeking confirmation to their bias.

Wed, 10/23/2013 - 10:03 | 4082515 Dr. Engali
Dr. Engali's picture

Good Lord isn't that the truth? I have given up arguing with the red and blue ideaologues a long time ago, and that act alone has taken a lot of stress out of my life.

Wed, 10/23/2013 - 10:04 | 4082519 DeadFred
DeadFred's picture

Agreed. So why in God's name are we reading yet another post about this tool? And why didn't I just skip it too?

Wed, 10/23/2013 - 10:09 | 4082531 Cognitive Dissonance
Cognitive Dissonance's picture

Don't know about you, but I'm here confirming my bias. And it feels soooooo good it should be illegal. :)

Wed, 10/23/2013 - 12:49 | 4083061 silverserfer
silverserfer's picture

because Krugman is the Kim Kardashian of Zerohedge and you can't get enough of him!  Your like "Awww shit! No he didden't!"

Wed, 10/23/2013 - 10:20 | 4082565 sschu
sschu's picture

It is difficult to get a man to understand something when his salary depends upon his not understanding it. 
        - Sinclair Upton

True then and now.

sschu

Wed, 10/23/2013 - 10:36 | 4082627 Ignatius
Ignatius's picture

This is the money quote that speaks directly and accurately to human nature.

Wed, 10/23/2013 - 14:05 | 4083389 yofish
yofish's picture

Sinclair, Upton 

Wed, 10/23/2013 - 10:33 | 4082615 CPL
CPL's picture
Never try to teach a pig to sing. It is a waste of your time, and it annoys the pig.

- Clemens

Wed, 10/23/2013 - 10:42 | 4082646 Winston Smith 2009
Winston Smith 2009's picture

"One simply cannot "change" the mind of ideologues or those paid (or employed) to have and maintain a specific position."

Even though proven wrong so many times, they remain popular because they have a message that both governments and banks love - that you can spend your way to prosperity using borrowed money.

Wed, 10/23/2013 - 09:51 | 4082479 Tsunami Wave
Tsunami Wave's picture

Niall has been hitting this guy hard, on the Huffington Post (I don't read that blog), Project Syndicate, and other places. I'm glad it's finally made its way on ZH.

Wed, 10/23/2013 - 09:51 | 4082484 Randoom Thought
Randoom Thought's picture

Kroogmon ... perpetuating the dialectic through ill-logic.

A joke that should be ignored as being too bad to acknowledge.

Wed, 10/23/2013 - 09:56 | 4082491 Theta_Burn
Theta_Burn's picture

After about a half dozen posts on Krugman and DeLong this year, we had some topic fatigue.

Posting Krugman's failures? I can understand it getting tiresome, but it never gets old...

Wed, 10/23/2013 - 09:57 | 4082496 sbenard
sbenard's picture

Ah, Crazy Krugman! Again!

Wed, 10/23/2013 - 09:59 | 4082504 bullchit
bullchit's picture

Such a deadly attack. One wonders why, if the the man is such an idiot.

If Wellington's redoubts were ignored history would be different now.

just sayin.....

Regards.

 

Wed, 10/23/2013 - 10:10 | 4082524 Cognitive Dissonance
Cognitive Dissonance's picture

".....history would be different now."

Maybe.....maybe not. But I suspect the perception of history would be different.

Think 1984 and the changing of "history" when the prior version became inconvenient. (We've always been at war with Eastasia.)

The actual historical event was not changed....but people's perception and thus how people react based upon society's perception of its' history most certainly was (and is) changed.

<They can even make changes in real time nowadays and still be effective thru the magic of self censorship."

Wed, 10/23/2013 - 10:21 | 4082568 bullchit
bullchit's picture

No "Maybe....maybe not" about it. A direct frontal attack, ignoring the redoubts (forward isolated outposts) would have swamped Wellingtons forces in a matter of hours.

Why waste breath on this stain?

One wonders......

Regards.

Wed, 10/23/2013 - 10:33 | 4082608 Cognitive Dissonance
Cognitive Dissonance's picture

We can change all that with a simple re-re-re-re-rewriting of history. Screw the actual factual events. Let's just declare victory (or defeat as the case may be) and go home to the wife and kids.

Viva la fiat.

Wed, 10/23/2013 - 09:59 | 4082506 Pareto
Pareto's picture

I like to compare Krugman's understanding of economics to my wife's understanding of the internal cumbustion engine. If her car were to stall out, she would consider the possibility that the electronic ignition is malfunctioning, or, perhaps even simpler, that the car has run out of gas.  Whereas Krugman would deny that there is anything wrong with the firing system and continue turning the motor over and over until he burned out both the starter and the battery.

Wed, 10/23/2013 - 10:36 | 4082629 Cognitive Dissonance
Cognitive Dissonance's picture

Is that Krugman's version of the broken window fallacy of economics?

By ignoring the obvious and eliminating the need for critical thinking Krugman will have added to the nations GDP when his car is towed to the shop to get the starter and battery replaced.

<And while it's in the shop would you be a dear and please top off the petrol?>

Wed, 10/23/2013 - 10:45 | 4082656 TalkToLind
TalkToLind's picture

Yep.  Then next, he would suggest your wife take on credit so that she can purchase new starters and batteries continuously until she finds a set that will start the engine.    

Now please forward MY Nobel Prize before close of business today.  I've earned it!

Wed, 10/23/2013 - 10:01 | 4082509 Lazane
Lazane's picture

krugs will be around until the paper money value completely vanishes, then pointyheads like him will have to be constantly looking over their shoulders in order to keep their heads

Wed, 10/23/2013 - 10:02 | 4082514 Dudeskis
Dudeskis's picture

What I hate most about Krugman is his arrogance. Arrogance in the face of a reality that is contrary to his claims. Like so many other fools he uses academic pedigree and accolade as both sword and shield while unjust credibility is showered on him for towing the government line.

If the Bernanke is the biggest asshole on earth Krugman is his hemorrhoid.

Wed, 10/23/2013 - 11:13 | 4082731 AynRandFan
AynRandFan's picture

Krugman and Ward Churchill have a lot in common in that respect.  Arrogant fools.

Wed, 10/23/2013 - 10:05 | 4082521 Al Huxley
Al Huxley's picture

The main problem is that Krugman's just a propaganda hack, who's somehow been legitimized in the minds of the more trusting by a 'Nobel Prize'.  So it's not like he's EVER going to engage in serious debate, or acknowledge his errors, because that's not what his job is. 

 

But I suppose it doesn't hurt to continually point this out to people - maybe just a weekly post, with a simple list of everything he's fucked up on, prefaced with a title that points out his role as one of the chief propagandists for the parasitic criminals currently draining the lifeblood from western society for their own gain.

Wed, 10/23/2013 - 10:06 | 4082523 AustrianJim
AustrianJim's picture

But wait...didn't he win a Nobel Prize?

Wed, 10/23/2013 - 10:41 | 4082647 solgundy
solgundy's picture

Nobel Prize's are political events...aka...jokes..thus worthy of no regard....Krugman & Obama.....??.......I rest my case

Wed, 10/23/2013 - 11:22 | 4082760 NaiLib
NaiLib's picture

NO He did not win a Nobel Prize. He was awarded "The Sedish Riksbanks Prize". "In memory of Alfred Nobel". YOu see Alfred Nobel despiced economist and would NEVER

award anything to economists. The money Krugman and the rest of the economists got and gets is confiscated swedish taxpayers money. Nobel Prize winners get money from Alfred Nobels Estate.  The whole Prize is a scam.

Wed, 10/23/2013 - 13:18 | 4083169 jtg
jtg's picture

Thank you for the update. I just checked and confirmed that Krugman did not get a Nobel priize, he got a Swedish central bank prize. Ha! Now it makes sense to me why he would be writing for the NYT lying rag.

Wed, 10/23/2013 - 10:13 | 4082541 Iam Yue2
Iam Yue2's picture

They are both twats.

Wed, 10/23/2013 - 10:29 | 4082601 Disenchanted
Disenchanted's picture

Hear Hear!

Wed, 10/23/2013 - 10:13 | 4082544 Oquities
Oquities's picture

the very definition of piehole

Wed, 10/23/2013 - 10:14 | 4082547 Hohum
Hohum's picture

Don't both of these dudes believe in infinite growth on a finite planet?  If so, it's tweedledee and tweedledum(b).

Wed, 10/23/2013 - 11:05 | 4082708 swedish etrade baby
swedish etrade baby's picture

matter or energy isnt destroyed so theres no problem

Wed, 10/23/2013 - 11:37 | 4082817 El Vaquero
El Vaquero's picture

Problem is, they think entropy and money are the same. 

Wed, 10/23/2013 - 10:22 | 4082573 Calculus99
Calculus99's picture

I'd love to see the printed statements of Krugman's trading/investing account (that is if he's man enough to back his market calls).

Reckon it would be a field of red....

Wed, 10/23/2013 - 10:40 | 4082643 heinrich6666
heinrich6666's picture

Niall Ferguson, Henry Kissinger biographer and apologist.

So one piece of shit calls out another piece of shit for not being 'civil' -- and this is Internet Epic?

Wed, 10/23/2013 - 11:09 | 4082676 tony wilson
tony wilson's picture

who is krugman working for?

who is ferguson working for?

who nose

but the manky scottish cunt ferguson is a rothschild stooge and eyes wide shut rape party guest.

a masonic of the scottish rite so this shit is just war between jewish families or silly in house acting.

you know tavistock psy operations all acting sides in on the show.

both need to be in jail for crimes against children.

both are sex offenders of the highest lodge order.

Wed, 10/23/2013 - 12:12 | 4082930 tongue.stan
tongue.stan's picture

the fact that you won't be hunted down and sued for your accusations proves you are right

Wed, 10/23/2013 - 10:55 | 4082685 pragmatic hobo
pragmatic hobo's picture

"inventing his own facts, denying obvious mistakes, displaying über-arrogance and insulting those with opposing views"

that sounds about normal? what's the problem?

Wed, 10/23/2013 - 11:07 | 4082714 Tinky
Tinky's picture

Required posting on any Krugman thread:

http://www.youtube.com/watch?v=K2tPfUJ90XI

Wed, 10/23/2013 - 11:12 | 4082727 TheABaum
TheABaum's picture

The answer to any criticism of Krugman is always "he has a Nobel Prize".  BFD.

 

Wed, 10/23/2013 - 11:39 | 4082822 zippy_uk
zippy_uk's picture

So does the EU. Vote UKIP...

Wed, 10/23/2013 - 15:11 | 4083718 withglee
withglee's picture

Yeh. That Nobel prize should be worn as a badge of embarrassment after Obama won it for doing nothing but getting elected. Don't get me wrong. Obama getting himself elected should win some kind of prize (probably one given to a magician for extraordinary slight of hand) but not the Nobel. That one had to sting the dynamite guy himself!

Wed, 10/23/2013 - 15:23 | 4083761 css1971
css1971's picture

Nobel didn't create a prize for economics... For a reason.

Wed, 10/23/2013 - 16:19 | 4083970 FrankDrakman
FrankDrakman's picture

He didn't create a Peace Prize either, but that doesn't stop Al and Chalky bragging about theirs, or Michael Mann for falsely claiming he has one.

Wed, 10/23/2013 - 17:16 | 4084176 obejoyful
obejoyful's picture

Nobel is just a political organization that gives its prizes to people who think like them not people who actually do great things.

Winner - Krugmen and Obama

Loser - Einstiens theory of relativity ( he did win a nobel prize just not for his best work)

 

 

Wed, 10/23/2013 - 11:23 | 4082764 Haus-Targaryen
Haus-Targaryen's picture

FUCK KRUGMAN! FUCK BERNANKE! FUCK YELLEN! FUCK OBAMA! FUCK DRAGHI! FUCK ABE AND HIS HINCHMEN! 

Wed, 10/23/2013 - 11:32 | 4082799 zippy_uk
zippy_uk's picture

In fact fuck everybody. As for the hot petite twenty something Italian bomb shell I am doing her first because I saw her first....

Wed, 10/23/2013 - 12:16 | 4082953 frednash
frednash's picture

nice language

that will get you into princeton

Wed, 10/23/2013 - 17:13 | 4084166 obejoyful
obejoyful's picture

We are way past the point of speaking nice, if you want nice pleasantries, try CNN, Fox or CNBS.

Wed, 10/23/2013 - 11:29 | 4082785 zippy_uk
zippy_uk's picture

But this post does not answer the most important question - namely is Krugman's Nobel prize bigger or smaller than the one given to the EU?  Or is it all part of the same thing? 

Wed, 10/23/2013 - 11:36 | 4082809 El Vaquero
El Vaquero's picture

Krugtron?  Hahahahahahaha! 

 

I used to watch Vultron...when I was 6.  I went back and found an episode online a few years ago to see what I liked back then and my reaction was "Seriously?  I liked this shit?  No wonder my parents weren't thrilled."  It was fucking terrible. 

Wed, 10/23/2013 - 12:08 | 4082912 ebworthen
ebworthen's picture

Most potatoes have more substance than Krugman's hollow ramblings.

The bearded potato is a starchy blight riddled spud of theory unbound from reality.

Oh to live in a world of false ideas using other people's money! 

This is what academia and the income tax hath wrought! 

Delusion foisted on the backs of the common citizen!

Hegemony!  Lies!  Serfdom!

Wed, 10/23/2013 - 12:46 | 4083053 perelmanfan
perelmanfan's picture

As a child, I read "Brave New World" and was struck that Big Brother's principle goal was redefining words:

  • War is Peace
  • Freedom is Slavery
  • Ignorance is Strength

At the time, it seemed an odd practice to me - how did this help Big Brother? As an adult, I get it, because if the meaning of words can be twisted, people can be persuaded to do almost anything, no matter how perverse, that props up the elite. Paul Krugman has added a fourth line to this string, one he repeats over and over in endless ways:

  • Debt is Prosperity

I fear that people are beginning to believe it. Whenever you hear it, remember that it is a deep, fundamental lie.

 

Wed, 10/23/2013 - 16:17 | 4083963 FrankDrakman
FrankDrakman's picture

As a child, I read "nineteeneightyfour" by George Orwell, and was struck by how stupid and insensate the proles were, not even remembering that last week's chocolate ration of 10 grammes had been reduced to 8 this week, but instead celebrated the announcement as a rise in the amount of chocolate.

Today, I am struck by the people who are so stupid and insensate that they attribute Big Brother and the principles of IngSoc to Aldous Huxley's 'Brave New World'.

Wed, 10/23/2013 - 16:48 | 4084072 perelmanfan
perelmanfan's picture

Good call Drakman. I mixed them up.

Wed, 10/23/2013 - 18:28 | 4084366 Bazza McKenzie
Bazza McKenzie's picture

You are too kind.  Drakman correctly picked up an attribution error which in no way undermined the logic and value of your comment but about which he made a big deal.  And he did so in the pompous and derogatory manner seen so often from Obama and Krugman.

Wed, 10/23/2013 - 13:04 | 4083119 csodak
csodak's picture

Neil Ferguson is a pompous oigarch who beleives in feudalism with an understanding of the seperation of classes in income and social rights.

It's laughable that we're pointing out Krugman as if he is the only economist that misrepresents the statistics. This whole fucking world economy is about misrepresenting the statistics.

Instead of posting how Ferguson and Krugman are having a pissing match on who more consistently misrepresents the facts to support their positions, perhaps a better use of ethernet space would be to simply post their names with their political affiliation... along with of course a tidbit on their sexual deviance just to spice it up a bit.

Wed, 10/23/2013 - 22:43 | 4085004 moonstears
moonstears's picture

Ha-you said "sexual deviance". The other stuff was good, too.

Wed, 10/23/2013 - 13:28 | 4083210 Reaper
Reaper's picture

You can chose to believe in your god and/or in your economic authority. Choices have consequences. Argument with true believers is useless.

Wed, 10/23/2013 - 14:59 | 4083670 bh2
bh2's picture

"But Krugman accumulates enemies by inventing his own facts, denying obvious mistakes, displaying über-arrogance and insulting those with opposing views."

This is only an attitude typical of the left. Krugman differs in his hubris only by degree.

 

Wed, 10/23/2013 - 15:25 | 4083772 Lendo
Lendo's picture

I want to spit on Krugman I dislike him that much.

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