Overstock CEO Slams "Unethical" Krugman; Hopes "Bitcoin Destroys Central Banking"

Tyler Durden's picture

Overstock CEO Patrick Byrne goes to town on Keynesian Crony Paul Krugman in this brief interview. Byrne blasts Krugman for everything from his "unethical" involvement in the Enron debacle to his present day view that "the market failed so we need more government; or freedom failed so we need more government." Noting that Krugman may have done "some great work before he went crazy," he rants against the Fed apologist for his "bitcoin is evil" comments adding that he hopes "Bitcoin can destroy central banking." Byrne pulls no punches in his attack on Krugman and his "Keynesian magic money tree theories," as he explains why the so-called 'economist' would be against a 'bounded currency'.


Well worth a few minutes... as Byrne covers everything from Krugman's craziness,  Friedman's warnings, Russia-style central-planning, and Federal Reserve failures... quite astounding


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SoberOne's picture

Just bought some sheets from ostock 2ith btc. Woot!

chunga's picture

I don't know what Overstock sells but I'm going to buy something from them just for the fuck of it.

NoDebt's picture

If this is Patrick's way of getting free publicity for his company..... it worked.  I've never bought anything from them.  Never been on their website, even.  But I will now.

CH1's picture

I like this guy.

I'll try to buy more from Overstock.

NoDebt's picture

Just checked out the website.  They still have some laptops with Windows 7 on them, not that godawful Windows 8 garbage.  I think I'm gonna pick up this one to replace my 6 year old Vista hand-me-down from the kids:


More than enough for what I need (basically just visiting ZH and occasionally watching porn).

TruthInSunshine's picture

Wow, what a dilemma for me; bitcoin -vs- Krugman .

j/k No it's not. I'd deem Krugman 1 Quadrillion times the fraud that anyone would claim bitcoin to be...

From the dictionary - Krugman is synonymous with weasel, fraud, charlatan, snake oil, witch doctor, quack, pussy, vagina, clitoris, smegma, pole smoker & taint licker/sniffer.

I have to completely re-analyze bitcoin now, since if Krugman is against it, what sane person could be AGAINST it.

Thanks a lot, Krugman, you fuckface.

Prisoners_dilemna's picture

The GF has been patient with my bitcoin foray.

SO I let her shop at overstock. She likes the area rugs. I like her choices; they're attractive and low cost!

machineh's picture

Do they have any Kurgman doormats?

Atlas_shrugging's picture

I closed my eyes and thought this was Jim Grant speaking

Say What Again's picture

Years ago I was trading large in a few mid-sized companies.  They were solid companies with good capital ratios, so I couldn't figure out why their share price was so compressed.  I found out that they were being attacked by Naked Short Sellers, who eventually had to surrender.  These trades turned out to be very profitable for me, but it took a long time, and I almost closed out too soon. 

The Naked Short Sellers, and the SEC's inability to enforce the Reg-Sho laws are just another entry in my list of "market" experiences that most people do not want to know about.


Clearly, this is a fair market


BTFDemocracy's picture

just hit BUY with Bitcoin on Overstock.com ... not sure what they even sell, but I'm already buying something.

Boris Alatovkrap's picture

Paul "Magic Monkey" Krugman is get beat down from true entrepreneur.

disabledvet's picture

we're "going for the gold" in this country...in every sense of the word now. I can't say I want to look up at "my moon" and see 300,000 people up there. That would really bum me out...but that's where we're going with all this.

Unpopular Truth's picture

I used to be upset with QE... until i realized that it is a way to tax the 47%... and my investments in gold coins and bitcoins are well placed! Print away!!!! :)

chunga's picture

At least with Win7 you can click it back to look like XP and it's 64 bit.

I looked for a Krugman dartboard but they don't have it.

That might be something Banzai should look into.

NotApplicable's picture

Me too.

*feeling bad about Amazon purchases*

fonestar's picture

I like this guy.

I'll try to buy more from Overstock.


I just signed up there the other day and placed my first order.  Far from junk, they seem to have a number of high quality items.

Dingleberry's picture

Byrne has been preaching for seems like a decade about Overstock being naked shorted by more stock than ever was even issued. 

I don't think he got help from the SEC though.

He has lived with the rampant corruption and vileness of those that blatantly steal and those that abdicate their responsibility to enforce the law.  

zipit's picture

Publicity for his company + publicity for Bitcoin itself + help further the disruption of the status quo + bash Krugman = A whole lotta WIN

optimator's picture

Especially if your state chages sales tax through Amazon!

RaceToTheBottom's picture

Does not all state charge sales tax the same?  Would Amazon be any different from Overstock?

Serious question.  I outfitted a condo from Overstock but it was in a non tax state and I presently live in a state tax state....

El Crusty's picture

think about it though- if they are trying to tax you on an internet purchase that you made in dollars or one of the other fiat currencies they can do that. how are they going to tax you for purchasing something over the internet with bitcoins or any other crypto currency, which is not presently a recognized form of currency by the us government?

i think thats why the big banks and the governments around the world are afriad of bitcoin- they cannot tax something that they do not control.

makes you think doesnt it?

edit- i also just realized something after making this post. if the government wants to have some type of control (aka the ability to tax you on it) over bitcoin it has to regulate it somehow. if they do indeed regulate bitcoin it becomes a legitimate currency overnight. if bitcoin becomes legitimate in the eyes of the masses people will flock to it and other crypto currencies in droves because which currency would you rather hold and use- one that is not issued and heavily controlled by a central bank, or one that is created and manipulated by a central bank that can theoretically wipe out the value of your savings and retirement overnight on a whim by creating trillions of new dollars?
its the ultimate catch-22

Gohn Galt's picture

I just made my first retail bitcoin purchase with them. 

Freddie's picture

Patrick Byrne is a great dude.   I have bought stuff from Overstock and they do a good job. 

I will try to use them in the future more and avoid that douchebag Bezos and Amazon.com.libtard.obamaCompany.docuchebags

CognacAndMencken's picture

Freddie.... I thought you hated Warren Buffet and anything that has to do with the him. ?? If memory serves correct, you've written some particularly vile comments about Buffet.... am I right?

Not only was Patrick Byrne's father very good friends with Buffet, he was the CEO of Geico, a Buffet company. That's where the Byrne's family got their money, and that's where the seed money for Overstock ultimately came from. Fresh out of college, Patrick went straight to work for Buffet (specifically a Berkshire company), relying on his father's link to Buffet to get the job. Byrne's is a smart guy, but make no mistake, his wealth, his family's wealth, and his start in business was ALL from Buffet. In fact, it would be challenging to find someone who had more of a Buffet "free ride" than Byrnes. If you love Byrnes, you love Buffet. Dude.

A Nanny Moose's picture

Party foul. Hasty Generalization. 10 yard penalty. Repeat 3rd Down.

rubiconsolutions's picture

"Hello General Alexander. Yeah, this is Janet Yellen. We have a little problem, this Bitcoin thing is getting out of control. I wonder if you'd be so kind as to lend us a little of that spare computing power that you all have? We'd like to see the NSA mine it to death. You know, in the interest of national security."

Four chan's picture

Krugman is a "punk bitch" using the parlance of the day.

Martial's picture

I'm pro-life, but if I could go back in time, I'd make an exception for Krugman's mother.

NotApplicable's picture

Thing is, he's so fucking worthless, the Times could replace him any fool, like say... Bernanke.

Osmium's picture

Bernanke is not just any fool, he's an exceptional fool.

Buckaroo Banzai's picture

For those who have not yet seen it, Patrick Byrne's "Deep Capture" narrated slideshow presentation on how completely fucked up the stock market is, is simply outstanding.


NotApplicable's picture

Like anyone cares if the entire float for a stock is sold short!

A Nanny Moose's picture

Care? What you just wrote is jibberish to 90% of Amerika. They would have to know what that means before they could even care. They would have to understand that pension are broke before they could care. All they know is that they are entitled to payment, for the proverbial "hamburger today"

ultimate warrior's picture

I'm enjoying this presentation. Thank you.

centerline's picture

have seen it.  very good to keep this stuff regular suggestions.

Z_End's picture

Fantastic presentation. Thanks for sharing.

clones2's picture

Someone just got put on the list for an IRS audit next month....

Quant Jockey's picture

Actually, he better be careful 'cause he could end up like Andrew Breitbart.

knukles's picture

Or they could preform a full frontal lobotomy and he's wind up like Krugman

RobD's picture

The list of things to stay away from is getting long; Private planes, late walks at night, hot tubs, BMWs, Arkansas crossroads etc.

Buckaroo Banzai's picture

...canoeing at night on the Potomac...

Fail2Deliver's picture

He might get heart-attacked or suicided. Lot of that going around with those that expose the system.

Fail2Deliver's picture

Patrick has already had the SEC come after him for no reason and probably the IRS, too.
The Easter Bunny predicted it would happen.