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Paul Krugman "What Ails The World Right Now Is That Governments Aren’t Deep Enough In Debt"
This was written by a Nobel prize winning economist without a trace or sarcasm, irony or humor. It is excerpted, and presented without commentary.
From the NYT:
Debt Is Good
... the point simply that public debt isn’t as bad as legend has it? Or can government debt actually be a good thing?
Believe it or not, many economists argue that the economy needs a sufficient amount of public debt out there to function well. And how much is sufficient? Maybe more than we currently have. That is, there’s a reasonable argument to be made that part of what ails the world economy right now is that governments aren’t deep enough in debt.
I know that may sound crazy. After all, we’ve spent much of the past five or six years in a state of fiscal panic, with all the Very Serious People declaring that we must slash deficits and reduce debt now now now or we’ll turn into Greece, Greece I tell you.
But the power of the deficit scolds was always a triumph of ideology over evidence, and a growing number of genuinely serious people — most recently Narayana Kocherlakota, the departing president of the Minneapolis Fed — are making the case that we need more, not less, government debt.
Why?
One answer is that issuing debt is a way to pay for useful things, and we should do more of that when the price is right. The United States suffers from obvious deficiencies in roads, rails, water systems and more; meanwhile, the federal government can borrow at historically low interest rates. So this is a very good time to be borrowing and investing in the future, and a very bad time for what has actually happened: an unprecedented decline in public construction spending adjusted for population growth and inflation.
Beyond that, those very low interest rates are telling us something about what markets want. I’ve already mentioned that having at least some government debt outstanding helps the economy function better. How so? The answer, according to M.I.T.’s Ricardo Caballero and others, is that the debt of stable, reliable governments provides “safe assets” that help investors manage risks, make transactions easier and avoid a destructive scramble for cash.
* * *
[L]ow interest rates, Mr. Kocherlakota declares, are a problem. When interest rates on government debt are very low even when the economy is strong, there’s not much room to cut them when the economy is weak, making it much harder to fight recessions. There may also be consequences for financial stability: Very low returns on safe assets may push investors into too much risk-taking — or for that matter encourage another round of destructive Wall Street hocus-pocus.
What can be done? Simply raising interest rates, as some financial types keep demanding (with an eye on their own bottom lines), would undermine our still-fragile recovery. What we need are policies that would permit higher rates in good times without causing a slump. And one such policy, Mr. Kocherlakota argues, would be targeting a higher level of debt.
* * *
Now, in principle the private sector can also create safe assets, such as deposits in banks that are universally perceived as sound....
* * *
* * *
At this point we stopped reading.
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Zyklon-B is it still available?
Is this Paul Krugman or bad comedian Paul Krugman?
Krugman is the guy who wants to cater a wet bar at an AA meeting.
F Krugman and his punk ass cat too.
Leave the Cat out of it.
No live cat bounce either Ol' Kruggy caught it.
Cats lives matter.
He heeee heeeee! Scooby no likey kittys.
Cocksucker bankster muppet.
He's just repeating what the cat tells him. He's not very bright...
Someone PLEASE throw this imbecile and his dumb pussy in the loony-bin!
Fuck this man.
Paul Krugman claims that total debt carried by a government or total debt in general does not matter because debt is one person’s liability and another's asset thus a zero sum game. This will be proven to be the biggest mistake in the history of economics.
JFC - Go big or go home right?
Krugman must've missed the memo about never going full-retard, however.
"There is not deep enough retard for me or governments." -Paul Krugman
Is he holding a pussy?
Maybe they should have bailed out the main street. Stupid government puppets, it was a no brainer they would do it again.
I wonder who will be the next Lehmen.
make and erase a few trillion a year, can do, but with a dif population and economy. what do the elites have planned?
Dear God, please strike this man down from his parapet of Evil upon Earth.
What ails the world right now is Paul Krugman, the Fed, the jumbo insolvent CRIMINAL banks, both political crime syndicates, the sock puppet corporate controlled media, the US arms merchants, Big Oil, K Street, 200 million fat fucking ignorant slobs feeding their faces watching "reality" TV, PAC's, hedge funds, HFT, the dilettants and camp followers who suck up to all of the above, and the Boston fucking Red Sox.
I bow down to you as you have made the ultimate post of the year. As a Yankee fan who watched Mickey Mantle and the boys live your final comment is the icing on the cake!!
thanks - I watched Ted Williams hit his last home run at Fenway
I'm continually amazed that the public consciousness still doesn't get it that rather than borrowing at the federal level the Treasury could just spend dollars into existence - no interest attached. If this type of spending into existence, rather than borrowing into existence, were restricted to only expenditures for which fair market value of goods or services are traded it would be completely non-inflationary. Taxes should be for transfer payments only, NOT FOR INTEREST TO PARASITE BANKSTERS.
How does my post go from 9 upvotes on Sunday afternoon to 1 upvote on Sunday evening, ZH?
The word asshat springs immediately unbidden into the grey goo in my cranium when I hear or read the words that come out of the piehole or off the ink-dipped stylus of this befuddling little cretin
" Is he holding a pussy? "
It's the only pussy he's EVER held.
Leave cats out of this. Oh.... you meant... Sorrry
Krugman..... hey, Krugman...yea... just one question....
HOW THE FUCK DOES THE DEBT GET PAID OFF??!!!??
(in lieu of anyone from the established media actually asking the question)
maybe im naive...i must have krugman, and mathematics itself, all wrong. Maybe it just doesnt matter one iota if the debt ever gets paid. The only important thing is that there IS debt and that it increases. Actually - if we pay down our debts, the debt shrinks - and as krugman tells us the solution is more debt - so thats a problem!
THATS IT! thats it, folks, just stop paying your c/cards and your mortgages, your investment loans, - stop it. Do your bit for the krugman economy.
selfish assholes that make repayments....sheesh
In a perverse way Krugman is right. If the Fed is the lender of last resort you also need a borrower. Is there any dumber money than Government? The rate of debt service increase is not being met by the rate of monetary increase - AKA the Fed money creation machine.
The only problem with this scheme of free money for the people at the front end of the money hose is it hasn't been passed down to the little guy in sufficient quantities to keep a consumer economy afloat. The trouble now is that a percentage of any helicopter money would be used to pay off debt worsening the problem. Even just a couple percent would spell disaster. The sum of money required to restart the wealth effect would have to be so large that I can't even imagine the sum required. A new industry manufacturing 0's would begin overnight, and the debt clock would have to expand across the state or be lit with individual atoms.
The only thing perverse is that this man is not in prison. His theory only works if the debt is never repaid, only rolled to someone else. Last time I checked, debt that is never repaid (only rolled to the next sucker) is one of the biggest signs of a class ponzi scheme. Its simple: debt spending increases current consumption but takes away from future consumption. Unless it continues to increase. Which is why every debt expenditure better be an "investment" in additional productivity or it will become a burden to future growth. To the gallows with this man.
Ever increasing debt is the consequence of having debt based money. There is and will never be "paying it off" ever, and debt growth must be exponential. If not enough money is borrowed into the system it collapses. It also collapses if not enough cash finds it's way to the debtor class, as is the case today. There is no good way out, and as much of a walking butt plug as Krugman is he knows that.
"Ever increasing debt is the consequence of having debt based money. There is and will never be "paying it off" ever, and debt growth must be exponential. If not enough money is borrowed into the system it collapses. It also collapses if not enough cash finds it's way to the debtor class, as is the case today. There is no good way out, and as much of a walking butt plug as Krugman is he knows that. "
True.
The problem isn't that Krugman is right in his assessment of the terminal failure of the present system, it is that he and his cronies aren't being honest in either their portrayal of the root of the problem or the only mathematically sound solution.
PROBLEM: THE DEBT-BASED COUNTERFEIT FIAT PONZI SYSTEM IS UNSTABLE AND OPPRESIVELY REDISTRIBUTIVE.
SOULUTION: A GLOBAL DEBT JUBILEE AND IMPLEMENTATION OF A NEW SYSTEM THAT IS NOT BASED ON EXPONENTIAL COUNTERFEITING PYRAMIDING & EXPONENTAL PRODUCTIVITY TRANSFERS TO THE COUTNERFEITERS AND RENTIERS..
Krugman is being honest - in the long run the debt doesn't matter. Stay with me here.... Debt piles up and piles up as the assets of the banks and other creditors. Obviously the debt will not be paid. When the deflationary debt crash occurs, there is a wild game of musical chairs as real assets are distributed among the creditors who are best positioned, i.e., banks and wealthy. There is a massive redistribution and a total reset, but as Keynes taught us so well, and what makes Krugman "right" is this.....
"In the long run, we're all dead." -- Lord Maynard Keynes
Or, as Zero Hedge restates it, "On a long enough timeline the survival rate for everyone drops to zero."
BET YOU DIDN"T KNOW TYLER IS KEYNESIAN, BUT NOW YOU KNOW THE REST OF THE STORY.
I do want to point out the tiny difference that Keynes effectively meant it in a way "...and fuck our children" (apres moi la deluge),
while Tyler sarcastically stabs at the "me, me, me" crowd (or the Martingale players) where an individual being wiped out doesn't have a lasting bad impact on future generations...
Krugman is a bolshevik to the core. He is incapable of understanding money but he wants to control it.
I disagree.
He understands it - and what it truly represents, which is power over others via debt slavery - all too well.
That is WHY he wants to control it. Just like all Bolsheviks.
Marxism is the religion of psychopathy.
Krugman and his ilk don't think monetary debt is like other personal debt. Magically, in his mind, when debt is used as money it looses the actual liability. That's probably a hold over in the models from when money was gold, which doesn't need to be paid back, it just is. Krugman is a monetary barabarian, and a financial communist.
Quite right, as a tenured professor he is "hooked into the system" and ALL his energy is devoted to running out his time clock regardless of the smoldering ash heep left behind when he's dead.
By the way, the commie fuck has a new gig, three guesses where and the first two don't count...lol.
http://dailyprincetonian.com/news/2014/04/negotiations-for-krugmans-depa...
...a ten grand per year allowance for travel is a lot of flight time back & forth to the Caribbean.
(Sigh)
Future reset, excellent observation. It provides stability but apparently no liability, except it does and when others lose the ability to service that debt it provides an opportunity to do what Paul really desires, rule and rule by maximum force. A boot on a human face forever rule..
Captain Debtcrash , has Paul Krugman indicated in any way who is that actual holder of the asset known as debt is in this game ?
Bernie Madoff had a lot of clients
That dipshit is changing his fiat to gold as we speak.
You give him too much credit.
Why the hell hasn't the cat turned on him yet?
"You give him too much credit."
The award for BEST DAMN PUN OF THE YEAR goes to TheFutureReset.
Fuckin A....Krugman really is a serious piece of shit.
Ok Paul....you like owing debt? You got credit cards, a big New York mortgage, big car payment, and I suppose you have big New York state and the Fed taxes too, right?
So....how about you just quit paying for all that shit for I dunno....12 months or more.
Ignore all the notices of late payments and added on interest and late fees. Ignore the threats of foreclosure and repossession of your car, and ignore any state or IRS tax collectors too.
At the same time don't save even one dollar of all the money you're not using to pay all those bills.
Spend it all on trips, gambling, and your expensive gay male prostitutes and drugs.
See how that all works out for you after 12 months of fucking off like that.
I fucking dare ya, you psycho piece of shit.
More debt only kills purchasing power now, and leaves the payment for future taxpayers.
Poor cat!
Actually, the cock sucker is right but for THE WRONG REASONS. Since the debt can never be repaid, we might as well live it up as much as possible. Anything borrowed beyond the point of no return IS FREE.
Create a shining world of mass transit in every city, free college, free health care, free pensions... until the bankers say no mas. Then we "go Greece" or iceland, because mathematically we must.
Just make sure your savings are in hard assets. Because when we go greece your paper wealth will be gone.
Joobie, joobie, jooooooo!
Wow.
Gotta get me sum mo' debit.
You know that is the only pussy he has touched other than the one he was born through
Damn...
+1 on that one.
m
Pretty sure he was an anal birth.
how did he win a Noble Peace Prize. Oh wait never mind, so did Obama
Nobel aint so Noble
How else will they pay for the U.S. Taxpayer funded continuation of the Palestinian Holocaust?
Asshole reminds me of this dude......and the other dude
https://sp.yimg.com/ib/th?id=JN.k1QPFOUQPfVupJLYok%2bzlw&pid=15.1&P=0&w=...
F that cat and the pussy too.
Can you make a noose out of catgut?
while petting his pussy
In other news, the Very Serious People that tell obese people to lose weight are silly and misinformed - and that smart people like Krugman know it's best if they go to McDonalds and eat as much as they can because the food there is cheap.
Since more debt is good, perhaps Mr. K would like to purchase all the US debt? Oh, wait how do you purchase debt with Federal Reserve debt notes??? So the US sells Treasury Notes (while US is bankrupt) and promises to pay at a future date. The Fed buys the US debt with debt notes because the Fed doesn't have or issue money. Now Krugman buys the debt from the double debt of the Fed with debt obligations he gets from some wacko group/consortium or the Fed loans him the debt to buy the debt from the Fed who loaned it to the US..... You see where I'm going. What totally screwed up bunch of nut jobs are running this loony bin?
Too much business sense in that idea for Krug to have
come up with it.The coffee is usually so abysmal it could do with some Irish
whiskey in it.
This dude needs some serious Trumpin'
He has a point, but not in the way that he thinks.
We should be issuing DEBT FREE money right now to pay for infrastructure improvements and a coast to coast fiber network. That would be government performing the limited roles better left to it than the private sector. It would be non-inflationary and would not ad a penny of debt. Of course that wouldn 't serve the interests of Krugman's bankster masters.
I seem to remember something about "shovel-ready" jobs back in 2009.
Even saw expensive signs blowing about it on highways.
Fizzled out, and with good reason; we can't afford it. You build national infrastructure with taxes paid out of prosperous working class paychecks.
You do NOT add to already insurmountable debt unless it means an imperative defense of the country...period.
And EVEN THEN...you'd better be right.
Something we no longer have a history of being.
m
Dude, you don't need taxes to pay for this stuff. The money supply must increase as the population increases. Debt free money should be created and exchanged for the labor of citizens bulding infrastructure. Once again this is not inflationary and is a legitimate government role.
Did I hear DEBT FREE infrastructure improvements?
I guess I will just keep SCREAMING this until it takes ..
http://www.veteranstoday.com/2015/01/02/wanta-plan-must-be-deployed-now/
http://wantarevelations.com/2014/01/wanta-plan-macro-financial-economic-...
http://www.veteranstoday.com/2014/01/05/the-wanta-reconstructing-america...
http://eagleonetowanta.com/
The HSR alone, is going to take fiber networks, satellite relays, an entire new electrical grid, data centers, and lots and lots of -- STEEL!
A ONE TRILLION DOLLAR project. Tax FREE. DEBT FREE!
This is a Maglev train like the world has yet to see ..
We don't need Donald Trump. We need Ross Perot, Ronald Reagan, and Ron Paul all rolled into one .. (unless Trump really thinks that what he really is. He can prove it to me, by first getting Putin his $30 Billion. BEFORE the nomination. Pull that one off Donald, then maybe this non-voter will actually register to vote, and vote for ya.)
Show me the MONEY! Show me that $30 Billion ..
Reagan was able to assemble the following task force:
William Colby
William Casey
William French Smith
Vernon A.Walters
Leo Emil Wanta
BEFORE his inauguration!
Now anyone today is going to have to trump this (pun intended). That TF was assembled to end the cold war and bring down the USSR, at the same time boost the economy. Now you tell me if not today, at this very nanosecond we are not in a more dire and critical stage of human history ..
You can't fix Ivy League stupid.
Ivy League stupid== Las Vegas gambling addict.
Just keep doubling down......
http://www.forbes.com/sites/bobmcteer/2011/12/04/you-can-always-tell-a-h...
........Havaad man but you can't tell him much.
This truism applies to lesser schools, such as Yale and Princeton, as well.
He said awhile back that faking an alien invasion would fix the economy — http://business.time.com/2011/08/16/paul-krugman-an-alien-invasion-could... — but the truth is that the invasion happened decades ago.
When Krugman arrived on the planet.
Would it surprise anyone if they pulled a Project Bluebeam hoax right about now? That would sure take our minds off the economy. And since they are firing up CERN again next month, it might even be real. A mesmerized world watches Bryan Williams approach the alien craft. A door opens and out pops the monster from Aliens!!! Before Williams can say "make my day", he has a hubcap sized hole in his chest! Undeterred, Williams gives the alien a welcome to earth uppercut, sending acid blood flying everywhere! The crowd goes apeshit....
Expect a false-flad event of some kind — even more heinous than 9/11 — that will be to WWIII what Pearl Harbor was to WWII:
http://www.amazon.com/Day-Of-Deceit-Truth-Harbor/dp/0743201299
It probably won't be in the US. No one would believe it. But it won't be like Pearl Harbor or 911 is my guess. That was years after the war had started. It'll be more like the Archduke Ferdinand in WWI or the Polish outposts in WWII. A small unexpected domino.
Seems more realistic than most of the crap on teevee.
https://pbs.twimg.com/media/BFPwkVkCQAAQkAg.jpg
With the vatican having priests actually talking about extending their blessings to aliens were they to join their congregations; with all this 'Blue Avian' David Wilcock bullshit; with all the new data being released on UFO's by various governments; with former NASA astronauts and Canadian defense ministers talking about actually seeing aliens; with more and more people talking about Eisenhower and how he visited Area 51 and made a deal with aliens; with more and more sightings going on daily; with all the movies they've made in the last 50 years about aliens...I'd say, something is DEFINITELY "up."
Remember this, though: the first aliens to show themselves...well, they ain't the good guys, even if they say they are.
SHOOT AS SOON AS YOU SEE THE WHITES OF THEIR EY...um, Tentacles?
You sir are confusing your Mars Attacks with Alien.
And, now THIS is interesting:
http://redefininggod.com/2015/08/obama-the-antichrist-and-divine-interve...
The aliens are coming! The aliens are coming!
Well, you can, but it's not something you talk about in polite company.
Let's print more money so we can buy more things. Fantastic. History will not be kind to Dr. Krugman. And worse, they'll hold him up as everything that was wrong with our age, paint everyone with the same brush and write this entire sad episode off, never to be spoken about again. All of us living today will be looked upon as fools and idiots. Probably most will deserve it, but some won't.
He doesn't care. He wants his things now and doing so irresponsibly is far better than waiting for organic growth which he knows cannot happen. He and his ilk have created the situation in this country where we can't afford to invest in improving our infrastructure. Now he wants goodies before the inevitable blows up.
I wish someone would smack this gasbag in the head with a 2x4. I can't believe anyone listens to him.
Miffed
Greed is a disease. It inevitably leads to an early grave, but it is never listed as the causitive agent.
Does Gartman, Orman, and Cramer come from the same family tree as Krugman?
@MM
Nice.
Made me laugh!
Seems the point they all miss is that it is not so much the level of government debt but what GDP that debt can stimulate. Productive debt if you will.
Good vs. Bad debt. An analysis would reveal that there is a lot of Bad Debt in the public sector. Add that to the amount of bad debt in the private sector and you have NOW.
This guy is a fucked up retard.
Pres. Trump should notify the Swedish manginas at the Royal Academy that Krugman's Nobel gets revoked, or ELSE!
Interesting, see I've always thought of him as a retarded fuckup.... but I like where you're taking it.
I can't deal. Tapped out two paragraphs in.
You made it that far? I don't read anything regarding Krugman.
Complete waste of time.
It's fun to enumerate the logical fallacies. His first argument is appeal to authority. Feel free to try it yourselves.
If more debt were good, PIIGS would fly.
^^^^ :)
Squid, China's Tianjin port is swimming in it.
Even if it was you couldn't kill anyone with it.
He is making his living from selling debt to the goyim. Why the ruse?
was that headline quote from the Onion? seriously.
The world needs more debt. Absolutely. Just like the world needs more war, crime, and gonorrhea. That's why insanely debt-laden Japan is currently the economic wonder of the 21st century and leads the world in every category of economic progress. Hello Krugman. Anyone home? But if the world needs more debt, then what the world really needs most of is more Krugman. We need lots and lots of Krugman. The world can't get enough Krugman.
What an idiot.
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
Another Princeton boy with serious shortcomings.
Except that at the quantum level, different outcomes are expected, and seen. Logically this effect must also occur at the macroscopic level (there is no such thing as zero probability), however the number of experimental trials required to observe an outlying event may be considerable
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
Thanks.
Princeton?
Whoa! Deja vu, dude!
It's deja vu all over again.
"Doing the same thing over-and-over again, expecting different outcomes, is the very definition of insanity."
-Albert Einstein
House? quit it.
Please dont do it again!
Hey doc....the most lucid comment(s) on the board.
Yes. Uragan-D2 HCN fumigant.
You can get it from here:
http://www.draslovka.cz/products/uragan-d2
I believe this is what is called going "full retard"?
No, now they just 'em to Vegas.
Lie most things the Holocaust is fake - Google Holohoax and 'invest' 10 to 20mins of your life into a read/vid.
You are all smarter persons on here, I am sure you can work it out from there.
Give it a try and see how deep the rabbit hole real goes....
Anne frank fraud
Schindlers list - winner of best fiction
Dr piper head of Auschwitz museam admitting the gas chambers was built in 1947
5.5 million jews before the war/5.35 million claiming compensation after the war
red cross figues put the deaths in the camps at 250,000
swimming pool/brothel at Auschwitz (for prisoners)
160 claims before 1939 of 6 million jews dying/starving/beaten/persecuted/killed in Jewish newspapers.
Learning 6 million is a holy number for the Jews and the Talmud saying 6 million have to die before the state of Israel can be born.
https://www.youtube.com/watch?v=Dda-0Q_XUhk - 6 million jews in 10 papers before the war - blow ya mind!!!!
and so on it goes...
Self-parody really is the best kind.
Yes, this is the obvious answer.. when the economy is in the shitter and the rates are low as all fuck, the government should be borrowing a ton to invest in infrastructure while it can be done for dirt cheap. Providing jobs and future economic potential at a low rate.
Unfortunately, the US has decided to just give all the money to the bankers instead.
America is only $1,720,000 per taxpayer in debt. I guess $5,000,000 per taxpayer is a better figure.
Greece is $65,000 per taxpayer in debt.
There is no economic problem that cannot be postponed with sufficient debt.
Krugman doesn't care about the future, so postponement is exactly the medicine he prescribes. Like all of the public-sector union pensioners that read/recite Krugman religiously, Krugman is quite happy to be a hypocrite & screw the next generation, even their own children & grandchildren.
BigGuv & the banks will eventually seize 401k's + default on public pension plans, and only then will you see the selfish Boomers change their tune... but by then it will be way too late.
I hope Krugman keeps writing and doubling-down on this doomed keynesian paradigm... we'll need a laugh after the fire is lit for realzies
Hey, it ain't MY debt. I didn't vote for it. Just like I didn't vote for any member of the Supreme Court or any member of the Federal Reserve.
You don't understand, in a democracy we're all in it together. Just because you don't vote and don't offer your consent it doesn't matter because you are still your brothers keeper. You have no choice but to be responsible for the actions of others including the accrual of debt. While you are simply one tooth on a cog in the giant mechanism of state. As such you are responsible for keeping things going. It is your debt whether you like it or not.
/s
Who you 'splainin this to Rube?
There is no structural or functional difference between me owing that $1,720,000, and the exact same me owing $1,720,000,000.
No difference at all of any kind, not even with 3 more zeros. Add 6 more if you want. Makes no difference.
You all do realize that at some point this isn't "money" anymore that we are talking about, right? And the idea of anyone "owing" it is just as ludicrous as the idea that it will any of it ever be "paid back".
There is a reason why we say that the entire system has gone down the rabbit hole, and here is where I seriously recommend you all take a few hours this week (this weekend in particular, I will add) and actually read "Alice's Adventures in Wonderland". It is in no way a children's tale. It is all about what happens when you allow your everyday shit to come unhinged from reality.
What happens when your shit comes unhinged from reality is -- you never again experience reality. You just don't. It's just gone, beotches. Even if you work really hard at it and after a struggle think you have gone back -- you haven't. Oh no no no I'm sorry but there just is no going back now, mo'fo.
None of you should be pretending you know where all this is at or where it is headed. We are off the edge of the map now. Humans have never been in this land. Ever. And no I'm sorry but Weimar wasn't even close. Nothing comes close. Nothing touches this shit. This shit is radioactive crazy ass fucked up off-the-map-and-down-the-rabbit-hole-on-greased-skids shit.
Off. The. Map.
Krugman can say anything he wants, it's madness. You can think anything you want about Krugman, that's madness too. You are in a strange land and everything you think and do is now officially and irrevocably incorrect, inappropriate, immaterial, and crazy.
Okay? Are we all clear on that part now?
I hope to fuck we are clear on that part now. Because what comes next is going to be so God-forsaken fucking insane you each of you risk being pulled into the vortex of collective madness exactly as you are all of you being sucked into this vortex of thinking that Krugman is talking about actual money anymore.
No. He's not. Nobody is. It's all gone.
+1000 One of your best posts ever cougar. I've been here for a while watching everyone's thinking evolve/adapt as the craziness unfolds. Your comment says exactly where we are now. Even Alice didn't get this far. This is truely no man's land.
Exactly cougar. That is why I said Krugman is right, but for the wrong reasons. Since there is no mathematical way the debt can ever be repaid, that means IT'S FREE. At some point it must either be defaulted or forgiven. Greece or Iceland.
Until then, we should live it up. Build up the infrastructure, or what ever. Just have an exit plan for your savings. Be in hard assets. Don't be in paper. When inflation starts heating up, have some paper currency in what ever country is faring best at the time. Probably swiss francs.
Let me add a +1000 as well. This is Robin Hood shooting the arrow through the arrow that's already in the center of the bullseye accurate.
And now I need to go dig up a copy of Wonderland and read it again. Just Wonderland, or Through The Looking Glass as well? Ehhh, might as well. That metaphor seems to fit current times pretty well too.
@ cougar_w
Great comment. You're channelling H.S.T.
"America is only $1,720,000 per taxpayer in debt."
Ummm, no. Actually I'm not.
I simply don't have it, probably never will have it and even if in fact I did have it...I would burn it on the streets of DC before I would let them take it from me and I'm getting a little sick and fucking tired of seeing this progressive-statist meme bandied about regarding taxpayers & government debt, it's illegitimate debt owed by government, not me.
Capice?
Somewhere, someone has you (and all of us) as an asset in his balance sheet. Doesn't matter if you burn your "money", you still remain in the books. Until you're not useful anymore to fill the pockets of the owners.
Then they'll prescribe vaccines and gmo.
Because the one thing policy makers haven't tried since 2008 is massively expand public debt. OK, Paul. It is amazing that this man is taken seriously.
He's been very consistent in saying the reason why it hasn't worked is because we didn't take out enough debt, didn't print enough money.
I hope that when the list is made for the hangings no one forgets to put him on it.
He's on the list, right after Bernanke.
Bernanke, Krugman, Corzine, Dimon,....
It all makes perfect sense to the bankers that own the printing press. Crank out more debt instruments with which to buy more assets of value until they own everything and we own debt.
Yeah, it's called "the Shock Doctrine." Taken to its logical conclusion, the U.S. becomes completely privatized.
Privatized as in you can actually own your house now, or privatized as in semi-private corporations feeding on government contracts becoming the core of the economy?
Privatized as in all your taxes go to a private entity.
He would nuke an american city to get GDP growth
Just think of all the broken windows!
come monday the plunge protection team will consist of inflatable rescue mattresses below all wall st. banks.
That's fine with me so long as the mattresses are "inflated" with concrete.
Oh yeah that reminds me:
http://twoicefloes.com/your-turn/cougar_w-articles/the-corner-office/
For when after you've read "Alice's Adventures in Wonderland." Kinda the same thing, except with predation.
I would think that this manifestly absurd statement is finally enough to make my most Keynesian Statist friends capitulate, but i have been wrong before.
People are shocked to learn that Krugman recommends more debt?
Much as Schiff is a broken record on his theories, so is Krugman - more debt is always the answer to everything. There is no such thing as being too indebted - although he does warn governments not to become too indebted. So, see, even if a government collapses due to excessive levels of debt - he already warned them!
In other words, Krugman can always claim to be right, because he always positions himself on both sides of the fence!
I'd like to position him on both sides of a wrought iron fence, Vlad the Impaler style
That guy is just fucking bizarre. Does he REALLY believe this crap?
That guy is just fucking bizarre. Does he REALLY believe this crap?
He's Mike Meyers real life version of Dr. Evil.
Oh yes indeed, he really believes it.
He is surrounded by sycophants and like-minded academic/media shills who've never started or run a business & never created a single job. Within this bubble, the Krugmans and Kleins and Maddows repeat & reinforce their shared perspective to the exclusion of all others. Yes, they believe they are right, and they can cherry-pick data relentlessly in a never-ending attempt to "prove" they are right. In their minds, they cannot be wrong because their world is binary and simple... if they are wrong, then the evil Koch Bros./Fox would be right. The possibility that something other than socialism/crony capitalism/oligarchy might be worth discussing is absolute heresy, lest their shallow binary Blue/Red world be encroached upon by reality. It's pathetic and anti-intellectual.
Somebody please find this motherfucker and blugeon him with a pinball hammer!