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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Wed, 01/15/2014 - 17:49 | 4335375 SoberOne
SoberOne's picture

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

Wed, 01/15/2014 - 17:53 | 4335391 chunga
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.

Wed, 01/15/2014 - 18:02 | 4335416 NoDebt
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.

Wed, 01/15/2014 - 18:06 | 4335428 CH1
CH1's picture

I like this guy.

I'll try to buy more from Overstock.

Wed, 01/15/2014 - 18:07 | 4335433 Handful of Dust
Handful of Dust's picture

I'm on board with that.

Wed, 01/15/2014 - 18:14 | 4335460 NoDebt
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).

Wed, 01/15/2014 - 18:32 | 4335496 TruthInSunshine
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.

Wed, 01/15/2014 - 18:46 | 4335560 Prisoners_dilemna
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!

Wed, 01/15/2014 - 19:13 | 4335634 machineh
machineh's picture

Do they have any Kurgman doormats?

Wed, 01/15/2014 - 19:31 | 4335716 Say What Again
Wed, 01/15/2014 - 19:47 | 4335809 Atlas_shrugging
Atlas_shrugging's picture

I closed my eyes and thought this was Jim Grant speaking

Wed, 01/15/2014 - 20:23 | 4335865 Say What Again
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


Wed, 01/15/2014 - 21:36 | 4336230 BTFDemocracy
BTFDemocracy's picture

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

Wed, 01/15/2014 - 22:46 | 4336509 Boris Alatovkrap
Boris Alatovkrap's picture

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

Wed, 01/15/2014 - 21:54 | 4336294 disabledvet
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.

Wed, 01/15/2014 - 22:33 | 4336442 Unpopular Truth
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!!!! :)

Wed, 01/15/2014 - 18:31 | 4335522 chunga
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.

Wed, 01/15/2014 - 22:23 | 4336408 Temporalist
Wed, 01/15/2014 - 18:14 | 4335458 NotApplicable
NotApplicable's picture

Me too.

*feeling bad about Amazon purchases*

Wed, 01/15/2014 - 20:04 | 4335880 fonestar
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.

Wed, 01/15/2014 - 18:56 | 4335589 Dingleberry
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.  

Wed, 01/15/2014 - 19:47 | 4335731 zipit
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

Wed, 01/15/2014 - 18:13 | 4335456 optimator
optimator's picture

Especially if your state chages sales tax through Amazon!

Wed, 01/15/2014 - 19:22 | 4335511 RaceToTheBottom
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....

Thu, 01/16/2014 - 04:39 | 4337130 El Crusty
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

Wed, 01/15/2014 - 19:06 | 4335611 Gohn Galt
Gohn Galt's picture

I just made my first retail bitcoin purchase with them. 

Wed, 01/15/2014 - 19:22 | 4335681 Freddie
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

Thu, 01/16/2014 - 00:16 | 4336808 CognacAndMencken
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.

Thu, 01/16/2014 - 03:08 | 4337070 A Nanny Moose
A Nanny Moose's picture

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

Wed, 01/15/2014 - 20:24 | 4335961 rubiconsolutions
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."

Wed, 01/15/2014 - 17:50 | 4335377 Four chan
Four chan's picture

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

Wed, 01/15/2014 - 18:04 | 4335421 Martial
Martial's picture

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

Wed, 01/15/2014 - 18:15 | 4335463 NotApplicable
NotApplicable's picture

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

Wed, 01/15/2014 - 18:36 | 4335534 Osmium
Osmium's picture

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

Wed, 01/15/2014 - 17:51 | 4335381 Buckaroo Banzai
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.


Wed, 01/15/2014 - 18:11 | 4335441 NotApplicable
NotApplicable's picture

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

Thu, 01/16/2014 - 03:13 | 4337073 A Nanny Moose
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"

Wed, 01/15/2014 - 18:41 | 4335549 ArrestBobRubin
ArrestBobRubin's picture

Thanks for the link Buck

Wed, 01/15/2014 - 19:14 | 4335638 ultimate warrior
ultimate warrior's picture

I'm enjoying this presentation. Thank you.

Wed, 01/15/2014 - 19:14 | 4335643 centerline
centerline's picture

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

Wed, 01/15/2014 - 19:39 | 4335760 Four chan
Four chan's picture

interesting watch, thanks.

Thu, 01/16/2014 - 05:43 | 4337184 Z_End
Z_End's picture

Fantastic presentation. Thanks for sharing.

Wed, 01/15/2014 - 17:51 | 4335385 clones2
clones2's picture

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

Wed, 01/15/2014 - 18:05 | 4335423 Quant Jockey
Quant Jockey's picture

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

Wed, 01/15/2014 - 18:09 | 4335435 knukles
knukles's picture

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

Wed, 01/15/2014 - 18:15 | 4335464 NoDebt
NoDebt's picture

Well played, sir.

Wed, 01/15/2014 - 18:13 | 4335455 RobD
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.

Wed, 01/15/2014 - 18:46 | 4335558 Buckaroo Banzai
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...canoeing at night on the Potomac...

Wed, 01/15/2014 - 19:38 | 4335757 Fail2Deliver
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He might get heart-attacked or suicided. Lot of that going around with those that expose the system.

Wed, 01/15/2014 - 19:26 | 4335700 Fail2Deliver
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.

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