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Guest Post: Krugman Claims He Has Been Right About Everything

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Submitted by John Aziz of Azizonomics

Krugman Claims He Has Been Right About Everything

I don’t think Krugman’s descriptive work on global trade patterns is bad. I don’t even think he has been completely wrong about the post-2008 economic depression. He certainly hasn’t been wronger than the people who are in charge in Europe, or the people running the Fed; he did, after all warn in 2005 that the Fed was “running out of bubbles” to reinflate, while Bernanke was still claiming in 2007 that subprime was contained.

I do think his defence of broken windows is facile, and I think the notion he has advanced that World War 2 ended the Great Depression is not just wrong but dangerous.

He’s a good polemicist; he defines himself through big, bold, wildly partisan claims. But if he’s going to claim that he’s been right about everything — as he just did — he might want to make sure he’s not directly contradicting statements he made just a week previous.

On June 18th Krugman posited:

I (and those of like mind) have been right about everything.

However on June 11th Krugman wrote:

People like me may not have been right about everything, but have accumulated a pretty darn good track record over the past 5 years.

So, um, which is it?

Nobody can be right about everything. Claiming that you have been is just silly hyperbole which will end up making you look bad especially when your record is, in reality, quite mixed. And if his goal is to convince policy-makers to ditch austerity (a goal that I share, at least for the time-being), he’s not going to do it by sticking his foot in his mouth.

 

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Thu, 06/21/2012 - 19:25 | 2549140 SilverTree
SilverTree's picture

Krugman Claims...

Thu, 06/21/2012 - 19:43 | 2549169 vast-dom
vast-dom's picture

definition of a shit: someone that has to be right all the time.

Thu, 06/21/2012 - 19:44 | 2549205 lemonobrien
lemonobrien's picture

i thought that was an asshole.

Thu, 06/21/2012 - 20:01 | 2549246 Element
Element's picture

He's just a very special chap.

Thu, 06/21/2012 - 20:05 | 2549259 mickeyman
mickeyman's picture

It's not all his fault. It's the economics. 

Neo-classical economics: A trail of economic destruction since the 1970s (pdf link below)

http://www.paecon.net/PAEReview/issue60/Reinert60.pdf

Thu, 06/21/2012 - 20:42 | 2549317 The Big Ching-aso
The Big Ching-aso's picture

 

 

Proof that once ya win a Nobel Prize U can talk absolute gibberish & get a free pass 4 life from TPTB & MSM.   It's like an automatic get out of being committed 2 any state mental institution 4 free card.  It's quite possible he has completely lost his mind & lives in a grandeur-delusional schizophrenic haze but everyone around him tries to pretend he's ok.   Kinda like Reagan in later years.     The alien invasion boosting the economy deal points 2 quite possibly some serious cognitive-deficiencies.

Thu, 06/21/2012 - 20:45 | 2549358 Jack Napier
Jack Napier's picture

The body snatcher that we refer to as Paul Krugman is just aching to jump out of his skin and eat your brain. I can't look at him without wondering what planet he is from. What a creepy dude, and a pompous tool. I wish he would disappear. I wish he would disappear. I wish he would disappear.

Thu, 06/21/2012 - 20:54 | 2549383 The Big Ching-aso
The Big Ching-aso's picture

 

 

There's a fine-line between genius & insanity.  OTOH, maybe he was never a genius but has always been insane?

Thu, 06/21/2012 - 20:56 | 2549393 GetZeeGold
GetZeeGold's picture

 

 

There's a fine-line between genius & insanity.

 

We call that a Jackass where I was raised.

 

Thu, 06/21/2012 - 21:30 | 2549491 Jack Napier
Jack Napier's picture

Not to be confused with the hallowed Golden Jackass

Thu, 06/21/2012 - 22:16 | 2549641 Surly Bear
Surly Bear's picture

A clock is right twice a day.

Thu, 06/21/2012 - 22:43 | 2549693 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Any one who has ever met a narcissist knows that they will claim they are right even if the proof they are wrong is sitting right in front of everyone to see. Most professors these days are clueless narcissists and care less if they are right or wrong. They just want to be heard and convince others that their lies are correct.

Fri, 06/22/2012 - 01:15 | 2549876 TruthInSunshine
TruthInSunshine's picture

So John Aziz share's Krugman's goal of piling on mountains of debt to an already existing Mt. Everest of debt as the medicine for that which ails the economy (as a result of radical central bank interventionism that had distorted, warped and broken price discovery, moral hazard, and anything resembling actual markets, huh?

Go figure. Another blogger with his head up his ass.

 

http://4.bp.blogspot.com/_9n4xrwD-LUQ/TMd4PEUilHI/AAAAAAAABOM/vMPNzEgpJa...

NOT fake Google+ Krugman quotes (I repeat, these are actual quotes of Paul 'Print An Amount of FRNs That Equals the National Debt to Pay off the National Debt' Krugman):

Three days after the September 11:

I.

It seems almost in bad taste to talk about dollars and cents after an act of mass murder. Nonetheless, we must ask about the economic aftershocks from Tuesday's horror. These aftershocks need not be major. Ghastly as it may seem to say this, the terror attack - like the original day of infamy, which brought an end to the Great Depression - could even do some economic good. But there are already ominous indications that some will see this tragedy not as an occasion for true national unity, but as an opportunity for political profiteering..... 

So the direct economic impact of the attacks will probably not be that bad. And there will, potentially, be two favorable effects. First, the driving force behind the economic slowdown has been a plunge in business investment. Now, all of a sudden, we need some new office buildings. As I've already indicated, the destruction isn't big compared with the economy, but rebuilding will generate at least some increase in business spending.

II.

PAUL KRUGMAN: Think about World War II, right? That was actually negative social product spending, and yet it brought us out. I mean, probably because you want to put these things together, if we say, "Look, we could use some inflation." Ken and I are both saying that, which is, of course, anathema to a lot of people in Washington but is, in fact, what fhe basic logic says. It's very hard to get inflation in a depressed economy. But if you had a program of government spending plus an expansionary policy by the Fed, you could get that. So, if you think about using all of these things together, you could accomplish, you know, a great deal. If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. And then if we discovered, oops, we made a mistake, there aren't any aliens, we'd be better –


ROGOFF: And we need Orson Welles, is what you're saying.

KRUGMAN: No, there was a "Twilight Zone" episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.

III.

“Those tax cuts, rather than the spending binge, are the primary cause of the (federal) deficit.”

IV.

“The great thing about Greenspan,”

And for the win (all the Krugmanites will chime in here to claim he was taken out of context):

V.

The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance.To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

---- Krugman's lame claim that he was taken out of context above:

"Guys, read it again. It wasn’t a piece of policy advocacy, it was just economic analysis. What I said was that the only way the Fed could get traction would be if it could inflate a housing bubble. And that’s just what happened."


#WinningWithEnronKrugman

Fri, 06/22/2012 - 01:34 | 2549973 Aziz
Aziz's picture

As a deficit hawk, I cannot endorse a policy like austerity that during a depression leads to bigger deficits due to falling tax revenues.

I don't support stimulus either because it's mostly just handouts to corporate cronies. I support having a free market — getting rid of barriers to entry, getting rid of regulation, getting rid of corporate subsidies, getting rid of corporate personhood, cutting taxes, etc — something that neither the stimulationists nor the austerians seem to care about. You can repeal all the bullshit regulation without slashing spending, and then once you have some economic recovery — which a free market will give you — you can really start cutting spending.

And I did just call his view on war and digging ditches dangerous. Where I agree with him I'd say it's probably as much a case of a broken clock being right twice a day as anything else.

Fri, 06/22/2012 - 01:55 | 2549993 TruthInSunshine
TruthInSunshine's picture

Deficit spending is antithetical to 'free market' economics as it necessarily denotes that government is too large, that revenue derived from the private sector is too little, or a combination of each, and that government policy is interfering with normal market clearing mechanisms, and delaying the onset of the only thing that can allow the economy to grow organically and in real terms again; to with, equilibrium.

Deficit spending never leads to sustainable, organic, economic growth because it necessarily involves the government subsidizing inefficient economic actors at the expense of savers (and consumers, for that matter; see how spiking commodity prices as a result of treasury and federal reserve fiscal and monetary policies acts as a tax on consumption).

Further, deficit spending inevitably involves propping up economic institutions and, in fact, entire sectors in and of the economy that the market would have deemed redundant, inefficient, unnecessary, unable to compete, and generally offering services and goods for which there is no real demand for.

Moreover, deficit spending at a rate that equals $1.44 spent for each $1 the government is receiving, at a time when extremely serious and credible economists (David M. Walker, Larry Kotlikoff) have put forth mathematical models demonstrating that the nation literally won't be able to repay it's EXISTING debt absent a de facto default on its bonds (i.e. only by debasing the currency to a radical degree over a relatively short period of time could prevent a 'technical' default) is the definition of insanity.

You might as well have said you agree with Krugman that deficit spending would be helpful, on a net-net basis, but only because the national debt won't be paid back anyways (again, absent massive debasement), so why not rack up as much debt as we can while we can before filing for bankruptcy?

I could go on why your assetion on deficit spending in the context of the United States is lunacy, especially at a time when we're not in a cyclical macroeconomic downturn, but rather, one brought about by structural changes (despite the unsubstantiated claims of Krugman), but it would take all night.

Fri, 06/22/2012 - 02:28 | 2550022 Aziz
Aziz's picture

We are in a cylical global macroeconomic downturn if viewed from the perspective of the Kondratieff wave (which by definition is a cyclical economic downturn brought on by structural-techological changes). At the very least, it should be very clear that the economy is depressed.

I think that default or default-by-debasement is inevitable, yes. I don't really have a problem with the idea that it will happen. That's the nature of fiat money (which is a topic that I think we both know I massively disagree with PK on). If you buy a bond from a government with a printing press chances are you will be taking a haircut. Don't like it? Buy some metals. 

You make good points against deficit spending as malinvestment (it is), but European-style austerity seems to produce bigger deficits. Once a society is hooked on government spending, slashing it will necessarily cause some contraction, and while the economy is otherwise contracting that will be magnified. 

I want to slash regulation and encourage a recovery that way and then deal with the debt addiction once there is more of a self-sustaining recovery. I would advocate some real cuts, but they would mostly be the Ron Paul-ish defence and overseas cuts, and the savings would go back to taxpayers, not to paying down debt. I think that if so-called free marketeers push enforced contractionary policies, it will just push public opinion back into the court of the big government Keynesians. 

Ideally, we would have started this economic cycle with a full liquidation of all the junk in 2008, but that didn't happen and so we are now left with a zombie economy. The "austerity" we should have had is not bailing out the junk in the first place. 

Sat, 06/23/2012 - 00:10 | 2553128 TruthInSunshine
TruthInSunshine's picture

Like I said, there's nothing CYCLICAL about this economic malaise.

Anyone claiming that this is cyclical, versus structural, is clueless about macroeconomics.

As just one example, the downturn the U.S. experienced back in the 1979 through 1983 period was cyclical, and was initiated by by a sudden and brutal oil shock, which then literally provided the kindling for prices on goods to soar and aggregate demand to fall.

When demand for goods declined in that era, companies pink sheeted workers, especially in the manufacturing sector. Companies DID NOT move their factories, offices and R&D centers, brick by brick, overseas. And companies actually hired many of the workers they had previously furloughed at the same wages or higher ones, once Volcker ramped interest rates skyward, to break the back of inflationary pressures.

Today, there's little private sector (i.e. consumer) domestic aggregate demand for goods & services, despite record low interest rates, because so many millions upon millions of formerly high wage jobs have been shipped to lower wage, lower cost of business activity, less regulated nations such as Mexico, China, India, etc.

The 'knowledge worker' theory, which Robert Reich and Lester Thurow (former dean of the MIT Sloan School of Management) endorsed with vigor, claimed that the U.S. could afford to outsource manufacturing jobs, because the U.S. had a competitive advantage in the highly skilled and professional segments of the global workforce, and that the U.S. economy would adapt to not only backfill all the outsource manufacturing and other jobs created as a result of free trade pacts (especially China's Most Favored Nation trading partner status, signed into law by Clinton), but that unemployment would actually fall as a result of so many 'knowledge worker' jobs being created.

You eat up every tasty morsel of bullshit Krugman feeds you. Start thinking for yourself.

Thu, 06/21/2012 - 22:51 | 2549716 Mr. Fix
Mr. Fix's picture

Then you can not compare Paul Krugman to a clock.

 And I disagree with the premise of the article that this man was ever right.

 He is wrong now, was wrong then, and always will be wrong.

 

 By the way, I am assuming you are comparing him to a broken clock.

  That would be an insult to broken clocks everywhere.

Fri, 06/22/2012 - 03:53 | 2550063 AldousHuxley
AldousHuxley's picture

you've got to admit, it takes a genius to get things always wrong.

Fri, 06/22/2012 - 06:05 | 2550136 theprofromdover
theprofromdover's picture

(a clock is right twice a day)

... not if it is 5 minutes slow ...

Thu, 06/21/2012 - 22:05 | 2549620 EINSILVERGUY
EINSILVERGUY's picture

or an idiot savant with the idiot being the operative and dominant part

Thu, 06/21/2012 - 23:34 | 2549804 ZeroAvatar
ZeroAvatar's picture

Three times is indeed the charm.  Krugman's whole life evolves around magickal thinking.

Thu, 06/21/2012 - 20:50 | 2549372 knukles
knukles's picture

Just way too much wrong with him in too many ways to even begin a detailed recitation.
To entitle his efforts "The Conscience of a Liberal", to publlish in the NY Times, to defend the incomprehensible and indefensible in inarticulate illogical manner defines his entire frame of reference and utility to others than cogent responsible individuals.

Seriously; in the company of Thomas Freidman and Maureed Dowd, to claim credibility? 

Perhaps Paul himself represents the interplanetary invasion from which we must defend.

Fri, 06/22/2012 - 08:07 | 2550278 TWSceptic
TWSceptic's picture

I would actually make the statement that the Nobel Prize does much more harm than good to society.

 

Did Obama really change his policies because of it as they hoped by giving him the prize as a "motivation" ? He spend just as much, if not more on war as any other president of the last decades.

 

And who knows how much the economy and free market suffered because the keynesians now get undeserved respect?

Thu, 06/21/2012 - 20:30 | 2549323 AldousHuxley
AldousHuxley's picture

austerity is needed

it is just the political question of austerity on whom?

 

conservatives want austerity on the poor for being poor, which is wrong.

democrats want welfare for all including bankster bailouts, which is wrong.

 

Thu, 06/21/2012 - 20:33 | 2549332 Michael
Michael's picture

Paul Krugman is our village idiot.

Thu, 06/21/2012 - 21:38 | 2549527 Yes_Questions
Yes_Questions's picture

 

 

What is Useful village idiot, Alex..

Thu, 06/21/2012 - 22:27 | 2549661 FEDbuster
FEDbuster's picture

It takes a village of idiots....  What is Washington, D.C., Alex

Thu, 06/21/2012 - 22:46 | 2549702 beentheredonethat
beentheredonethat's picture

Yes, I have become bored with this econ village idiot-surely there are others out there to write about?

 

Thu, 06/21/2012 - 22:53 | 2549720 tobus
tobus's picture

These days everyone wants bailouts and welfare for everyone. You only have 1 politician in the whole place that isn't in favour of infinite bailouts for everyone.

Ron Paul the last American in government.

Fri, 06/22/2012 - 08:16 | 2550292 TWSceptic
TWSceptic's picture

Most conservatives / republicans do not really want austerity either, they want to spend, and maybe here and there cut a bit but it's really not enough. The only political group who really wants to cut spending are the libertarians, but they have no power.

 

And it shouldn't be about the poor or the rich. That is irrelevant socialist nonsense. If you truly cut spending, everyone feels the pain. But politicians don't want that. They want to get reelected and so no one can feel the pain, until of course the whole thing implodes and the pain is that much worse for everyone.

Fri, 06/22/2012 - 01:51 | 2549994 James-Morrison
James-Morrison's picture

Like all of Klugman's other predictions, this one is...

...useless, boneheaded and WRONG!

Fri, 06/22/2012 - 03:09 | 2550045 Cassandra Syndrome
Cassandra Syndrome's picture

Not one mention of an Austrian School economist in that paper. Here's a critique of Neo Liberalism from Murray Rothbard written in 1971 before it became mainstream economic policy.

http://www.lewrockwell.com/rothbard/rothbard43.html

BTW - Keynesian Economics is part of the Neoclassical Synthesis that is in mainstream textbooks. That includes the tripe Krugman preaches as a New Keynesian. The Mathematical approach that is criticised in that paper was called Neo Keynesian economics.

Neo Liberal economists such as Friedman were Keynesians to begin with. 

 

 

Thu, 06/21/2012 - 22:58 | 2549735 Mr. Fix
Mr. Fix's picture

I would really enjoy seeing that guy in the picture standing under  an  umbrella hit in the face with a firehose,

 with so much force that it would throw him off his feet.

 

 Just thinking out loud........

Thu, 06/21/2012 - 22:09 | 2549625 Angel Face
Angel Face's picture

If you get close enough to an asshole, it looks like shit

Fri, 06/22/2012 - 05:55 | 2550131 dexter bland
dexter bland's picture

Well he was wrong about that scarf.

Thu, 06/21/2012 - 19:38 | 2549180 sunaJ
sunaJ's picture

Krugman may not always be wrong, but the one thing that drives me bonkers about him is that he never addresses corruption.  The whole thing is corrupt, so what "solution' from within the system would work?  He is a theocrat (theory is all that matters).  He's too mousey to realize that he is speaking academics to immoral knuckle-draggers.  That, or he is one himself.

There needs to be a draining of both academic fixes and money-chasers from the abscess that is our economy.

Thu, 06/21/2012 - 19:42 | 2549199 xcehn
xcehn's picture

He is in it (neo-liberalism), for the long haul. Just concedes that some reforms would make it all better. Basically a corporatist/statist with a platform.

Thu, 06/21/2012 - 19:49 | 2549217 malikai
malikai's picture

The only platform I see is more debt, more false growth(bubbles), and more economics by dictat.

What I don't get is why we even give him the attention he so definitely does not deserve.

Thu, 06/21/2012 - 20:53 | 2549381 knukles
knukles's picture

              IDEA!

 

Switch places with him and Stolper!

Fri, 06/22/2012 - 08:38 | 2550361 trilliontroll
trilliontroll's picture

"What I don't get is why we even give him the attention..."

For example history as a reason?

Heinrich Brüning , Chancelor of Germany from 1930 to 1932

http://en.wikipedia.org/wiki/Heinrich_Br%C3%BCning

" ...

Soon after Brüning took power, he was confronted by an economic crisis caused by the Great Depression. Brüning responded with a tightening of credit and a rollback of all wage and salary increases. These policies made him very unpopular and lost him the support of the Reichstag. ..."

( Brüning installed severe austerity raising German unemployment to 6 million with a population about 65 million. His desasterous deflation economic policy resulted

in Adolf Hitler as Chancelor of Germany in 1933. )

Thu, 06/21/2012 - 20:27 | 2549313 Element
Element's picture

The practical solution to academified guys like him (similar to petrified - but subtly different) is straight forward.

You ask a room full of experienced SMALL business people (the people who actually deal with the economy) if they agree with his views, his hystorical narratives, his policy prescriptions, long-term ramifications, and general implications.

If they think he's talking unrealistically counterproductive self-aggrandising pseudo-glorious bullshit, then perhaps he should not be deferred to and given air-time to insult their intelligence?

 

'The Special-K Challenge' ... the 'austerity' that will make you fatter.

Thu, 06/21/2012 - 20:40 | 2549344 potlatch
potlatch's picture

yes, let's turn economic theory peer review into an Arby's franchisee meet and greet

Thu, 06/21/2012 - 21:43 | 2549413 Element
Element's picture

Have you considered that theory is the problem here?

Sorry, small business people and everyday over-taxed wage-earner can't afford such theoretical buffoons and their 'experiments' to get away with it.

Which came first; the economy, or the theorist 'economic policy-adviser'?

HINT:  if all the economic experts dropped dead tomorrow the real economy wouldn't skip a beat ... yeah ... that's how relevant they are to the basic natural tendency for economy to function ... in spite of them.

Thu, 06/21/2012 - 22:37 | 2549680 Sean7k
Sean7k's picture

You can say that about all academics in all disciplines. However, down the line, there could be difficulties.

Fri, 06/22/2012 - 01:39 | 2549920 Element
Element's picture

Yeah, ... like now.

(and this is about K-economics, I don't see how it could be appllied to all disciplines)

--

Some things I learned at Uni

(1)  A library is a pretty worthwhile asset, except for most of the books (not unlike the Internet, but a whole lot less responsive).

(2)  Lecturers know stuff that's almost always more or less wrong, trivial, or irrelevant, and may openly fly in the face of common real-world experience ... for decades ... unchallenged.
 
(3)  That theories are to be regarded with unreserved scepticism, but only because 99.9% of the time, they're more-or-less bunk.  They representing very poor odds, are a house of cards, and are an exceedingly poor substitute for knowledge and wisdom.  A large proportion of fantastic-lies, are more likely to be true.

(4)  Speculative theorists are not to be listened to, believed, recognised for their input, nor encouraged in any way - and this particularly applies within economics.

(5)  In spite of their best efforts, one can remained somewhat sane, fairly-grounded and almost capable of thinking reasonably clearly for oneself, if one understands the limits of knowledge and thought. And that means things that are not, or else can't be known, must be recognised and left that way, and not have unverifiable of false 'answers' theoretically forced onto them, then have everyone blindly accept these fake theoretical non-answers, to what are unknown matters.  We don't have to 'know' everything.  What we know we don't know, is all about being actually intellectually honest (at least with yourself), and certainly more helpful.  This was not the academic approach at university, where the holes in knowledge were immediately papered-over with an ad-hoc theoretical mucilage of belief-based pure-bullshit - then declared to be "the Known", by the 'experts'.

(6)  Ignoring expert academics is a good rule-of-thumb for success in most areas of life.  That much needless kafuffle results with in news of politics and society, solely due to the errant nonsense issuing forth from academic experts on a daily basis.  People more and more are coming to understand the motives for why they keep doing this, and why politics and MSM love to utilise it.

--

The economic and financial experts have not saved us from NOW.

Q.E.D.

Thu, 06/21/2012 - 20:54 | 2549382 centerline
centerline's picture

Thank you for noticing that.  And it is not just him.  I have cornered a few economists over the last few years and they all have the same response.... the sound of crickets chirping.  Always jumping back to the abstract.

Krugman isn't stupid IMO.  His avoidance of the role of banking in his theories really reeks of something bigger... pandering to the powers that be.  No different than many notable economists throughout the ages.

Thu, 06/21/2012 - 21:06 | 2549431 cranky-old-geezer
cranky-old-geezer's picture

 

 

but the one thing that drives me bonkers about him is that he never addresses corruption. 

Because his job is to keep the cover story going that printing will help the economy recover, which it never does of course, because it's just a cover story for looting the American economy (and people) of all their wealth, which he is fully aware of I suspect, but then maybe not, maybe he's an outsider they toss a bone to every so often to keep him spouting the cover story.

Fri, 06/22/2012 - 00:09 | 2549869 bankruptcylawyer
bankruptcylawyer's picture

this is NOT an accident. He is a schill who wants to be in a position of power in government a lot like al gore. he will invent shit up just to get people to listen to him. and always will regret not having his own big moment. 

 

you can't piss off the banks and hope to get a coveted spot in the white house cabinet for dems or republicans. 

Fri, 06/22/2012 - 02:22 | 2550019 Precious
Precious's picture

No.  Actually, he's always wrong.  It's that simple.

Thu, 06/21/2012 - 19:54 | 2549226 williambanzai7
williambanzai7's picture

KRUGMAN'S NEW BOOK

Krugman's a Neo-Keynes loon
Still singing a Keynesian tune
He's led us astray
And now we will pay
Disaster is coming quite soon

The Limerick King

Thu, 06/21/2012 - 19:58 | 2549234 Gene8696
Gene8696's picture

Fuck'n please... I love ZH, but what a bullsit artical about Krugman. 60% of the artical is about how he is mostly right, but the point of the artical is discrepancies in his book selling schtick. Come on ...

He is a left wing socialist fag in my opinion. But I also believe there are more than a few ways to skin a cat (or hide a body). So I think he makes a lot of since in many of his views.. I would rather read why he is right or wrong, than read his transcribed bullshit pitter-patter from the Colbert Report.

Thu, 06/21/2012 - 20:02 | 2549247 Spastica Rex
Spastica Rex's picture

Know any right wing socialist fags?

Just curious.

Thu, 06/21/2012 - 20:22 | 2549303 Yellowhoard
Yellowhoard's picture

Hitler.

According to the MSM, Nazis were right wing, in spite of the fact that they were the National Socialist Party.

Thu, 06/21/2012 - 20:56 | 2549394 GernB
GernB's picture

History revision pure and simple. Hitler was a socialist in the same sense that any politician is conservative or progressive. They all use language and ideology to gain power. Its simply been effective propaganda to paint him as right wing. In the end the Occupy movement could be right out of The Nazi playbook, demonize and depersonalize your opponents to advance the cause of a more totalitarian state.

Fri, 06/22/2012 - 05:09 | 2550108 icanhasbailout
icanhasbailout's picture

that description fits the security state a lot better than it fits Occupy

Thu, 06/21/2012 - 20:41 | 2549343 AldousHuxley
AldousHuxley's picture

All so-called right wing republicans funnel federal dollars into their state's socialist workers just like democrats  in military, police, education, healthcare, government, farm-subsidies, bailed out banks, GM, etc. socialist government paycheck also goes to politicians themselves.

that's just a politician's job......to make socialism bigger.

 

 

 

Thu, 06/21/2012 - 21:01 | 2549409 Spastica Rex
Spastica Rex's picture

A rose by any other name would smell as sweet?

My wife sometimes picks random words out of thin air when she talks to me and gets pissed when I don't understand. She says, "YOU KNOW WHAT I MEANT!"

Thu, 06/21/2012 - 22:59 | 2549737 Gene8696
Gene8696's picture

Nein!

Thu, 06/21/2012 - 20:58 | 2549401 centerline
centerline's picture

The quick answer is the refusal to model the role of banking.  Krugman still asserts an old school way of banking that sailed away long ago and in doing so misses the forest for the trees regarding the real creation of money/debt.  We are talking an epic fail when one considers the shadow banking system.

Thu, 06/21/2012 - 20:58 | 2549403 DaveyJones
DaveyJones's picture

agree, he makes "since" not sense  

Thu, 06/21/2012 - 23:03 | 2549750 Gene8696
Gene8696's picture

Danke

Thu, 06/21/2012 - 21:17 | 2549462 azzhatter
azzhatter's picture

Dear Paul, The rate of growth over the last 30 years has never exceeded the rate of credit expansion. No positive capital formation. Please explain how this is sustainable. And by the way, Fuck You

Thu, 06/21/2012 - 22:39 | 2549686 TeMpTeK
TeMpTeK's picture

I'd agree with Krugman but then we'd both be wrong....

Thu, 06/21/2012 - 19:26 | 2549142 world_debt_slave
world_debt_slave's picture

the man is a god!

bow thy knee to your god, Krugman

Thu, 06/21/2012 - 19:26 | 2549146 SilverTree
SilverTree's picture

to whom? 

Thu, 06/21/2012 - 19:34 | 2549166 FREEEEEEEEEDOM
FREEEEEEEEEDOM's picture

You high?

Thu, 06/21/2012 - 19:44 | 2549204 magpie
magpie's picture

He'll have to outflank Saint Keynes first, before becoming the Patron of Bailouts and Moneyprinting.

Thu, 06/21/2012 - 19:26 | 2549144 resurger
resurger's picture

Is this douche doing god's work as well...

Thu, 06/21/2012 - 19:27 | 2549147 sitenine
sitenine's picture

Fuck Krugman!

Thu, 06/21/2012 - 19:55 | 2549228 Sancho Ponzi
Sancho Ponzi's picture

2012: 'Are you a Keynesian?'

2032: 'Are you a Krugtardian?'

Thu, 06/21/2012 - 19:26 | 2549148 Breezy47
Breezy47's picture

Just another flip flopping socialist...

Thu, 06/21/2012 - 19:28 | 2549149 Hedgetard55
Hedgetard55's picture

Biggest economist douchebag evah.

Thu, 06/21/2012 - 19:27 | 2549150 UP Forester
UP Forester's picture

I thought I was wrong, once, but I was mistaken.

Thu, 06/21/2012 - 19:28 | 2549151 ultimate warrior
ultimate warrior's picture

Shut up Krugman

Thu, 06/21/2012 - 19:28 | 2549153 which way weste...
which way western man's picture

Hitler was right about the krugmans

Thu, 06/21/2012 - 20:17 | 2549289 yabyum
yabyum's picture

Are you a anti semite dog fucker??? Just curious?

Thu, 06/21/2012 - 20:51 | 2549378 Element
Element's picture

Accusing others of outrageous deviance again?

--

1982
   Jewish French deputy, Daniel Cohn-Bendit admits to pedophilia on french television.
 http://www.liveleak.com/view?i=625_1331769572&comments=1

2003
   Long list of Jewish Child Molestor Rabbis gets no media coverage
http://100777.com/node/463

2008
   Pedophilia 'Rampant' In Orthodox Judaism
http://www.truthtellers.org/alerts/pedophiliarampantorthodox.htm

2011
   Child Sex Indictments Plague Orthodox Judaism
http://www.truthtellers.org/alerts/childsexorthodoxjudaism.html

--

Not even scratching the surface here.

Thu, 06/21/2012 - 21:14 | 2549456 cranky-old-geezer
cranky-old-geezer's picture

 

 

Catholicism / Christianity and Judaism are two sides of the same satanic coin, both massive distractions designed to make people destroy themselves.

Thu, 06/21/2012 - 21:48 | 2549521 Element
Element's picture

Isn't Satanism itself just another implicitly connected aspect of these same mythical themes?  If in large part, it is discovered to be BS, then is any of it worth considering further, including the Satan myth part of it?  People may worship it and believe it, but a myth is still a myth.

There used to be all sorts of myths surrounding child conception, gestation and birth.  It was a pretty amazing material trick, so people specualted and ascribed all sorts of non-materialness to it. ... which required a supporting-cast of non-naterial characters and stories, and a non-world-view to be formulated about what this act of life actually is.

Then we learned to do it ourselve,s and even to avoid conception, and the former traditional myths were then just a product of their time - an attempt to account for what could to them not be understood, nor seen clearly.

Plus there was a class of opportunist manipulative varmint, who very much wanted it that way and to stay that way - indefinitely.

Thus great edifices of buildings arose, and these retain the implicit manipulative political dimensions of the myths to this day.

Satanism is just another form or rather, aspect of it, and totally tied to the former myths.

Indeed, you can't have one part, without it likewise stimulating belief in the other part of the overall myth.

i.e. both sides of that coin are dedicated to extending-and-pretending the manipulative mythos within the inner-being.

Fri, 06/22/2012 - 02:18 | 2550018 Precious
Precious's picture

You probably meant three sides of the same coin.  Anyway, the whole world is a "massive distraction designed to make people destroy themselves."  You can't blame the human predicament on religion anymore than you can blame it on science or politics.  But if it makes you feel better, continue with your bloviation.  It doesn't matter to anyone else but you.

Thu, 06/21/2012 - 23:51 | 2549843 which way weste...
which way western man's picture

not an anti-semite.  I hate "jews".

 

"jews" aren't Semitic.

Thu, 06/21/2012 - 19:29 | 2549154 johansen
johansen's picture

my thoughts on this man might get me sent to a re-education center.

Thu, 06/21/2012 - 19:31 | 2549155 Stimulati
Stimulati's picture

Hahahaha.  So which is it?  Is he right about everything or does he just have a good track record. 

You really lanced him this time.   hahahahaha.

Tell me, which economic pundit in the public eye has a better track record?  Nobody.

Thu, 06/21/2012 - 19:52 | 2549223 Ms. Erable
Ms. Erable's picture

Fat, drunk, and stupid is no way to go through life, son.

Thu, 06/21/2012 - 20:03 | 2549255 Matt
Matt's picture

On June 11 Krugman said: "People like me have not been right about everything, but (they) have a pretty good track record"

On June 18 Krugman said "I have been right about everything"

So you see, he is stating that the people who are LIKE him were not perfect, but he was. His two statements do not contradict at all.

Thu, 06/21/2012 - 21:06 | 2549418 GernB
GernB's picture

Lets just stick to one simplee example of how bad his track record is. In a 2008 article " Stimulous Math" he calculated that it would take a 600 billion dollar stimulous to counter the recession and bring back full employment (using Okun's law). The 787 billion package passed in 2009 had nowhere near the effect he predicted. He was not just wrong, but he was wrong to the tune of over 1000 dollars for every man, woman and child in the US. Thats not just wrong its dangerous.

Fri, 06/22/2012 - 06:42 | 2550165 Stimulati
Stimulati's picture

$600 billion a year for 2 years for $1.2 trillion.  He is on record multiple times before the stimulus was signed into law saying it was too small.

Thu, 06/21/2012 - 19:29 | 2549156 JuicedGamma
JuicedGamma's picture

Is he claiming to an economist again?!

Thu, 06/21/2012 - 19:33 | 2549160 DougM
DougM's picture

Krugman is correct.  There is no alternative. Our society could not withstand a Denninger style deflation.

Thu, 06/21/2012 - 19:42 | 2549200 CrashisOptimistic
CrashisOptimistic's picture

Then there will be a different society.

Thu, 06/21/2012 - 21:06 | 2549429 knukles
knukles's picture

So get the fuck ready all who peruse here, for the impending "slowdown" and ensuing deflationary contraction is gonna look like nothing even forecast outside the farest fringes at this time.

There is nothing fucking working.
There is no center left to hold.
There are no wheels left to fall off.
There is no monetary stimuli left in the bag except further overflowing net free reserves.
A Credibility Trap is the Foundation for the Liquidity Trap to which there is/has been no discussion at fiscal/social/political levels as it endangers the status quo.
Economies world wide are slowing further, next stop to drop off the fucking edge of the flat earth.
Geopolitical strains are simply inked over, temporarily.
The information wars have yet to be engaged.
The mood is turning from bad to fucking downright rotten.

Get ready.  It will be changing, in an immediate direction of worse economic activity. 
Much worse.
We ain't seen nothin', yet.

Bonds, bullion and cash, bitchez
People gonna be wishing they had risk off portfolios so fucking bad when another generation or two of wealth is vaporized, its' gonna be depressing.
Get it?

Thu, 06/21/2012 - 23:51 | 2549842 ZeroAvatar
ZeroAvatar's picture

Spoken like a true Prophet. +1

Fri, 06/22/2012 - 01:15 | 2549951 i-dog
i-dog's picture

 

"next stop to drop off the fucking edge of the flat earth"

That need not be so. The only ones "falling off the edge" will be those whose life revolves around scoffing truck loads of garbage each day, then spending the evening wallowing in a recliner (with more 'snacks' in hand!) in front of their electronic gadgets of choice (teevee, twitterer or "play" station).

Those in either the third world (the vast majority) or the first world (the tiniest minority) who spend their day making useful products (pots, pans, tools, clothing and shelter) to trade with others, and spend their evenings teaching their children similar skills, will do just fine, thank you very much.

If a significant minority of Americans put down the remote and began again to apply their entrepreneurial DNA to making themselves useful to their neighbours and those with a bent for trading, then the demise of the government and its enablers (the bankstas) would scarcely be noticed!

The free lunch is over. The buffet table is empty. The kitchen has run out of food!!

Thu, 06/21/2012 - 21:09 | 2549439 GernB
GernB's picture

Then we are screwed. Because you cant avoid the inevitable. Exponential growth literally cannot go on forever. The more you reflate the baloon the bigger the effect when it reaches its limits.

Fri, 06/22/2012 - 11:44 | 2549688 cranky-old-geezer
cranky-old-geezer's picture

 

 

Our society could not withstand a Denninger style deflation.

The economy already IS withstanding a Denninger style deflation.

WALL STREET is who can't withstand a Denninger style deflation.  All that shit worthless financial paper on their books MUST be kept at false high value, or everyone on Wall Street goes bankrupt.

Krugman's policies don't help the economy one bit.  They help Wall Street immensely though.

None of the printing Krugman supports goes to the economy and people.  It all goes to the government and Wall Street.

He's helping the government and Wall Street maintain their lavish lifestyles while the economy collapses and people go broke.  And he's fine with that.

Fri, 06/22/2012 - 12:52 | 2551596 malikai
malikai's picture

The term that comes to mind is 'intellectually dishonest', or maybe 'useful idiot', but I don't think Krugman's an idiot. I think he knows exactly what he's doing.

Thu, 06/21/2012 - 19:32 | 2549161 the 300000000th...
the 300000000th percent's picture

The sound of this guys voice makes me want to punch a puppy in the face

Fri, 06/22/2012 - 02:12 | 2550014 Precious
Precious's picture

Krugman should get a ticket on the next train out of Dodge.

Thu, 06/21/2012 - 19:34 | 2549168 fonzannoon
fonzannoon's picture

give this asshole what he wants. QE to the moon. I'm ready.

Thu, 06/21/2012 - 19:39 | 2549184 khakuda
khakuda's picture

He may want more money printing, but doesn't it look like he NEEDS a wedgie.

Thu, 06/21/2012 - 20:43 | 2549350 potlatch
potlatch's picture

FINALLY someone else who gets it

 

Moonbase or bust bitchez

Thu, 06/21/2012 - 21:00 | 2549407 centerline
centerline's picture

He will likely get it and then claim it wasn't enough, wasn't timing right, etc.  In the end, he can't be proven wrong because he lives an untouchable place of theory and economics is not like physics... it is a social science if anything else.

Thu, 06/21/2012 - 19:41 | 2549182 W10321303
W10321303's picture

THE Neo-Liberal MORON of the CENTURY!

"Debt Money" vs. "Sound Money"

Contrary to classical/neoclassical theory in which banks are irrelevant because, in that conceptual universe, money just somehow metaphysically “exists”, so that banks are merely intermediaries who allocate their depositors’ savings to borrowers.  Steve Keen is among those who have pointed out that in the real world banks actually “create” the deposits as “loans”.  It is commercial banks creating loans and collecting repayments to extinguish loans who expand and contract the money supply, not central banks printing currency and creating reserves as Austrian “sound money” devotees accuse.

And contrary to the fuzzy intimations of true fantasists, money does not just metaphysically exist without some person creating it.  At least 96% of the total money supply is directly created as bank deposits by commercial banks.  Imagining otherwise does not change this straightforward fact about “who” creates the money in modern money systems.  Nor does imagination ameliorate the consequences of creating virtually all of our money supply as debt to the banks who issued the deposit-money.

In fact we do not live in an economy where goods values are exchanged in a marketplace.  We live in a world where stuff is produced by the real economy and where everything is bought and sold FOR MONEY.  We do not “trade”.  We “buy and sell stuff”, for money.  Money does not merely ‘represent’ the real values that are being exchanged.  Money is the entire demand side of every transaction.  No money, no sale, no “exchange”.  We don’t live in a barter economy.  We live in a money economy.

 

The Ponzi Arithmetic of Profit (Econinterestsect.com)

You guys may want to lie down for awhile, before it really HITS the fan. Oh yeah, buy more ammo and 'hide out' in the forest....oh I forgot, the forest won't be around much longer....Can we say Climate Change, boy and girls?

Thu, 06/21/2012 - 19:39 | 2549185 zebrasquid
zebrasquid's picture

Imagine this twerp in High School.  Nothing Right about that image..

Thu, 06/21/2012 - 19:43 | 2549191 Dr. Engali
Dr. Engali's picture

I wish they would print 10 trillion dollars and just shut this up. How much is too much Krigman? At some point your argument breaks down. Jon isn't too bright if he agrees with Krugman.

Thu, 06/21/2012 - 21:26 | 2549478 CPL
CPL's picture

You know he's looking for a couple of magazine covers now.

 

He'll come out with big soppy eyes on People magazine, explain how his financial models/guesses killed and hurt kittens, BAM!!

 

Motherfucker is on the Oprah circuit every third day.  Someone then auto-tunes him singing bits of some trash bag top 40's crap with a heavier beat.  That shit goes viral...the hundreds of millions of wasted man hours and data minutes...lost into the ethier of time and space.  Then action figures.   Posters.  Girl bands with bond issuance names, "DOmO KrUGu-man-chon! Lot E26354HT- series B" pop up out of nowhere, the population is completely unaware of the cunning come back plan of Krugman.

From a shadowy lair he stumbles upon a website called oneredpaperclip.com and follows the same pattern except instead of a red paper clip as a starting point, it's a well used rubber from some meth addled aid ridden late term crack baby.  The process to go from rags to riches takes but weeks in a well timed series of events that lead our wacky Krugman hero to the triple leveraged refinanced repo bond auction of his dreams.

That shit could be a Disney film right there.

 

 

..the horror gentlemen...the horror...

Thu, 06/21/2012 - 19:40 | 2549193 Ms. Erable
Ms. Erable's picture

Tyler likes posting quotes from that fucking piece of shit Krugman asshole just so he can get off reading the number of comments that call that fucking piece of shit Krugman asshole a fucking piece of shit asshole.

Thu, 06/21/2012 - 19:55 | 2549229 resurger
resurger's picture

lol, its Aziz

Thu, 06/21/2012 - 19:42 | 2549194 AGuy
AGuy's picture

<---- The world would survive just fine and be better off if Krugman was never born.

<----  Without Krugman, the world would surely end!

 

Vote!

"he did, after all warn in 2005 that the Fed was “running out of bubbles” to reinflate"

Krugman in 2005 was late. There were lots of people that made that same claim years before 2005.  The Fed has printed Trillions and it has not resulted in a economic rebound. All it did is make things more expensive and plunge consumers and gov'ts deeper in debt. The bottom line is that there are no easy solutions, yet that's all I hear from Krugman.. All we need to do is this simple policy change and everything will be fine. A bunch of BS. Krugman is a snake oil salesman, period.

 

Thu, 06/21/2012 - 19:42 | 2549198 nmewn
nmewn's picture

Krugman has always been an elitist egomaniac, turning schizophrenic when confronted with his idiotic ruminations.

Lest we forget, the "shovel ready" stimulus would have been twice the failure that it was.

Fri, 06/22/2012 - 02:09 | 2550009 Precious
Precious's picture

Krugman is like all liberals.  They never actually do anything constructive.  They just complain about what's wrong.

Thu, 06/21/2012 - 19:43 | 2549203 YHC-FTSE
YHC-FTSE's picture

It's obvious. He's a schizo. His Venn diagrams probably look very interesting.

But his self-promoting logic still states that he has been right about everything, if you interpret his second sentence to mean that he excludes himself in "People like me". Anyone who declares that he is right about everything is either a deluded megalomaniac, or a particularly difficult 5yr old learning to lie for the first time. Considering his infantile views on WWII and the Great Depression, I'd go for the latter to describe his mental capacity.

Thu, 06/21/2012 - 19:46 | 2549210 chump666
chump666's picture

The last of the economic determinist.

RIP

Thu, 06/21/2012 - 19:48 | 2549215 Miles Kendig
Miles Kendig's picture

Tragic how infectious the need to be right in all things truly is.

Krugman would embrace ANYTHING so long as he believed it proved .. er .. acknowledged his supreme rightness in all things.

No wonder economists believe they're always right.  The theological science of economics says so.

Krugman, the vicar of God hizzelf.

Thu, 06/21/2012 - 19:53 | 2549225 nmewn
nmewn's picture

Miles!!!...I was just thinking about you the other night...I trust all is well and you're still raising hell ;-)

Thu, 06/21/2012 - 19:58 | 2549236 TheMerryPrankster
TheMerryPrankster's picture

Even a broken clock is right twice a day,unless its digital, then maybe once a day.

Still he's quite right about wwII ending the depression, at least in America,Britain,Italy,Japan,Germany,Poland,Russia,South America et al. Pretty much everywhere except China and Antartica.

Death,destruction and birth of the baby boomers sure created a wave to ride that didn't go dry until the banks stole the water,the dam and anything they could grab.

Bankers uber alles, the next reich is under your nose if you will just look.

Thu, 06/21/2012 - 20:46 | 2549362 potlatch
potlatch's picture

If we build lunar nursing homes for the boomers as they retire, we solve two problems:

 

1) the need for real, not paper, growth

2) the need to get rid of the fuckin boomers so they leave us all alone and stop already with their "ideas" and "contributions"

Thu, 06/21/2012 - 21:16 | 2549459 nmewn
nmewn's picture

2) the need to get rid of the fuckin boomers..."

So you're saying you want to shoot your parents onto the moon because you need to get rid of them?

Clearly, the world will be left in the very best of hands ;-)

Thu, 06/21/2012 - 19:58 | 2549239 MFL8240
MFL8240's picture

Not surprsied, I have never seen a Jew that didnt know it all and wasn't always right

Thu, 06/21/2012 - 20:01 | 2549242 Element
Element's picture

He has been, it all makes sense, and he should be showered with honourary degrees  ... from a box of a Special-K.

Thu, 06/21/2012 - 20:03 | 2549252 lolmao500
lolmao500's picture

Krugman = debt is wealth.

Thu, 06/21/2012 - 20:46 | 2549365 Everybodys All ...
Everybodys All American's picture

Max Keiser refers to the additional debt creation as inflation that Krugman proposes as the hollowing out of our wealth. By any measure this is not growth and is very dangerous to mask it as growth. Inflation is wealth destruction.

Fri, 06/22/2012 - 09:14 | 2550477 trilliontroll
trilliontroll's picture

"Inflation is wealth destruction."

And deflation is wealth creation  ?

Why was I not  born early enough to live in those glorious  wonderful 30s!

Thu, 06/21/2012 - 20:06 | 2549254 Turin Turambar
Turin Turambar's picture

"He’s a good polemicist" 

... by the way, the word is "P O L E M I S T."

Being full of oneself, arrogant, condescending, and mostly WRONG does not make one a "good polemecist."  It does make for a very entertaining ASSHAT.  Right ET?  Call off the attack!  Please don't hurt me!  LOL

Thu, 06/21/2012 - 20:07 | 2549261 One eyed man
One eyed man's picture

"By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's." - Paul Krugman (1998)

Thu, 06/21/2012 - 20:08 | 2549266 Turin Turambar
Turin Turambar's picture

ROFLMFAO!!!

Thu, 06/21/2012 - 21:18 | 2549441 Element
Element's picture

LOL ... is that real?   Got a source for it?

--

EDIT: "The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's." 

http://www.pkarchive.org/cranks/economics.html

lol ... filed under the link 'cranks'

“Prediction is very difficult. Especially about the future.”  -  Niels Bohr.

Thu, 06/21/2012 - 20:08 | 2549267 q99x2
q99x2's picture

Looks like he borrowed Bernanke's beard and umbrella for the photo.

Thu, 06/21/2012 - 20:14 | 2549278 slewie the pi-rat
slewie the pi-rat's picture

this was taken next winter on a smoke-break during a poker game at the emilyDickinsonHouse?

he is angling for a credit expansion here, BiCheZ!

Thu, 06/21/2012 - 20:23 | 2549306 Everybodys All ...
Everybodys All American's picture

Delusional ... in years gone by the authorities would be putting him in a mental hospital. There is nothing more to say or learn from this unstable person.

Thu, 06/21/2012 - 20:37 | 2549337 tony bonn
tony bonn's picture

krugman is a cheap 1 bit whore....

Thu, 06/21/2012 - 20:42 | 2549341 RobotTrader
RobotTrader's picture

Krugman will be proven to be exactly correct all along.

Once the Dow falls below 12,000, Wall St. will be bellowing for immediate QE and massive printing.

That will surely happen, and the world will suddenly realize that Krugman has been right all along.

We should have started printing like mad to stop the CRB index from getting impaled.

But we waited too long, so the money printing will end up being much bigger than expected.

Krugman will win the Nobel Prize for economics.

Thu, 06/21/2012 - 20:53 | 2549386 Vint Slugs
Vint Slugs's picture

Did you forget the /sarc tag or are you really an asshole?

Fri, 06/22/2012 - 01:28 | 2549974 i-dog
i-dog's picture

He/she/it is really an asshole ... typing from a basement on mommy's laptop while she 'entertains' the gentleman who delivers the infant formula.

He/she/it also has a very large rearview mirror from which he/she/it periodically posts nonsensical claims of claimed profits on imaginary past trades.

All-in-all, a waste of space.

Thu, 06/21/2012 - 20:53 | 2549387 Everybodys All ...
Everybodys All American's picture

and what have we gained by the printing thus far? Nothing. The need to do ever more printing. Are you at all aware of the history of the world with respect to printing money?

Thu, 06/21/2012 - 21:40 | 2549539 Element
Element's picture

Forget it, robo is playing the troll ... again.

Thu, 06/21/2012 - 21:42 | 2549545 Ropingdown
Ropingdown's picture

It's the Riksbank Prize. Alfred Nobel had nothing to do with it.  Sure, the bankers and very rich folks in Sweden are glad to have it handed out at the same party.  Still, it's the Riksbank Prize.  Or Riksbanken Prize, if you prefer.

Thu, 06/21/2012 - 20:53 | 2549377 rufusbird
rufusbird's picture

Krugman, Cramer, same thing. Krugman = Cramer =

Cramer = Cheerleader for Wall St.

Crugman = Cheerleader for Banking Policy...

Thu, 06/21/2012 - 20:55 | 2549392 Islander56
Islander56's picture

Whos Paul Krugman ?

Thu, 06/21/2012 - 21:04 | 2549421 icanhasbailout
icanhasbailout's picture

just another idiot making his trade in being useful to the NWO

Thu, 06/21/2012 - 21:01 | 2549406 geoffb
geoffb's picture

If he's been so god all fired right about everything, then why isn't he relaxing on his own private Hawaiian island surrounded by piles of fiat right about now?? Why do we have to hear about it every time he farts? Unless. . . he likes the smell of his own. . . oh wait, I get it.

 

http://www.youtube.com/watch?v=OM9jhGiIAFM

Thu, 06/21/2012 - 21:11 | 2549443 W.M. Worry
W.M. Worry's picture

Krugman only claimed to be right about everything in his piece : Myths of Austerity   That's not the same as claiming to be "right about everything". It's no wonder this site can't have an intelligent conversation, no one can read.

Thu, 06/21/2012 - 21:42 | 2549540 adr
adr's picture

Unless Krug says in Myths of Austerity, that the myth is that any of the current economies of the world actually implemented austerity. Then he is 100% wrong. Decreasing planned increases in spending is not implementing austerity.

Honey, I saved $40,000 today when I bought a Camry instead of a Porsche.

Well where is the $40k, I would like some of that to pay bills?

Thu, 06/21/2012 - 21:10 | 2549445 no cnbc cretin
no cnbc cretin's picture

Krugman, like all economists are wrong. They live in a world, where resources are infinite, and believe growth can continue forever.

When the reality is, this planet doesn't have infinite resources, only finite. He's only half right when, he says the US is in a Depression.

Truth is, the world is in a permanent contraction.

Fri, 06/22/2012 - 00:19 | 2549890 ZeroAvatar
ZeroAvatar's picture

Ding, Ding, Ding, Ding, we have a winner!

Thu, 06/21/2012 - 21:12 | 2549448 johny2
johny2's picture

as long as he believes that even when he was wrong, he was right to think that way, than he is actually right. That is what he meant to say. The world is more crazy than you know.

Thu, 06/21/2012 - 21:26 | 2549475 Angel Face
Angel Face's picture

Finding it odd that in visiting the Zero Hedge site, newyorkfed.org wants to save a cookie on my PC.  Hmmm

Thu, 06/21/2012 - 21:28 | 2549484 Let The Wurlitz...
Let The Wurlitzer Play's picture

You are all wrong.  krugman is just not intelligent enough to understand economics, business, management and how political/social dynamics effect the former.

 

Fri, 06/22/2012 - 06:23 | 2550149 Instant Wealth
Instant Wealth's picture

... but he understands chemtrails - check out the umbrella!!

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