Paul Vs Paul Post-Mortem

Tyler Durden's picture

By way of post-mortem of this afternoon's epic Paul vs Paul cage-match, we reflect on the various headlines the two gentlemen made during the event and in the context of the credibility with which one of the gentlemen discusses his ability to manage the world and the 'ease' with which he and his henchmen can control inflation (and that an unmanaged economy is subject to 'extreme volatility'), we remind readers of the post-WWII years and the extreme swings in purchasing power that their so-called managed economy created - a period which Krugman explicitly pointed out as golden years for the post-depressionary period.

Summarizing the words and thoughts of a megalomaniacal Keynesian dream-maker is hard but the following effluent effusive comments via Bloomberg will provide the much-needed color on this afternoon's Bloomberg TV appearance:

  • *KRUGMAN SAYS FED SHOULD ACCEPT HIGHER RATE OF INFLATION
  • *KRUGMAN: FED SHOULD KEEP RATES LOW UNTIL "WELL PAST" 2014
  • *KRUGMAN SAYS INFLATION EASIER TO CONTROL THAN DEFLATION
  • *KRUGMAN SAYS U.S. WOULD BE BETTER OFF WITH 4% INFLATION RATE
  • *KRUGMAN: CONTINUED MASS UNEMPLOYMENT "RECKLESS". NOT INFLATION
  • *KRUGMAN SAYS U.S. ECONOMY IS "PERSISTENTLY DEPRESSED"
  • *KRUGMAN SEES "MASSIVE FAILURE" OF SYSTEM WITH  8% JOBLESS RATE
  • *KRUGMAN SAYS "NO REASON TO PANIC" OVER U.S. DEBT NOW
  • *KRUGMAN SAYS U.S. DEBT NOT "ANYWHERE CLOSE TO A RED LINE"
  • *KRUGMAN SAYS SLASHING SPENDING MAKES DEBT PROBLEM WORSE
  • *KRUGMAN SAYS UNMANAGED ECONOMY SUBJECT TO "EXTREME VOLATILITY"

US CPI in the 1940s...Zee Stabilitee

And from the more open-minded of the two 'Pauls' - it appears his statements lie somewhere in the credible (and not at all psychotic and narcissistic) regions of the mind:

  • *RON PAUL SAYS GOVERNMENTS AREN'T SUPPOSED TO RUN THE ECONOMY
  • *RON PAUL SAYS `THE PEOPLE' ARE SUPPOSED TO RUN THE ECONOMY
  • *RON PAUL: FED HAS DESTROYED 98% OF DOLLAR'S VALUE SINCE 1913
  • *RON PAUL SAYS FED SHOULDN'T HAVE A MONOPOLY OF CURRENCY

and while he does note that:

  • *PAUL SAYS FED IS LENDER OF LAST RESORT FOR POLITICIANS

he also adds more pragmatically that

  • *RON PAUL SAYS WOULD BE "CHAOTIC" TO END THE FED RIGHT AWAY

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Temporalist's picture

Krugman agrees that some people shouldn't go to college and also that everyone must be able to go to college.  See, everything for everyone...but he also agrees that students are being hurt terribly because they can't find work...so he sympathizes too.  A true saint if ever there was one...a most agreeable man.

I understand his thinking exactly, minds should not be wasted, so we must put them to good use by giving them jobs, and the Fed has that mandate, and it's greatest tool is free money, and inflation doesn't matter, so print more.

Of course he can't tell you what those people with such great minds will be doing, but he's a PhD economist he has no time for such trivialities, he just knows that it should be so, so it must be so.

 

Pinto Currency's picture

 

 

The price of gold over the next couple of years will tell us who won the debate.

vast-dom's picture

*RON PAUL SAYS GOVERNMENTS AREN'T SUPPOSED TO RUN THE ECONOMY

*RON PAUL SAYS `THE PEOPLE' ARE SUPPOSED TO RUN THE ECONOMY

***I SAY: THE GOVERNMENTS RUN THE PEOPLE AND THE ECONOMY

***I SAY: BUT THE GOVERNMENTS SHOULDN'T RUN THE PEOPLE AND THE ECONOMY

***I SAY: THE GOVERNMENTS ALLOW THE FED TO OPERATE ILLEGALLY ERGO ALL ARE GUILTY

***I SAY: FUCK PAYING TAXES -- IT'S YOUR CONSTITUTIONAL RIGHT NOT TO

solgundy's picture

***I SAY: FUCK PAYING TAXES -- IT'S YOUR CONSTITUTIONAL RIGHT NOT TO

 

 

avoiding taxes is also legal & do I ever avoid.....no Fed taxes in the last 4 yrs, but plenty of inflows......ROI's  RULE!!......I'm a 'cracker' tax avoider..screw you!!!!

Tsunami Wave's picture

*KRUGMAN: I'VE BEEN A LOT MORE RIGHT THAN THE CONVENTIONAL WISDOM.

 

http://www.bloomberg.com/video/91684657/

 

"I'm gratified to see that the analyticial framework, the models, that I believe were good for economics have in fact, they've actually worked stunningly well in this crisis. You know people talk about the failure of economics.. It's only the failure of the stuff that people chose to believe instead of the well-established economics. Your basic textbook macroeconomics, as in our textbook, has worked very very well."

Pinto Currency's picture

 

 

 

Krugman has not been right more often than The Road to Serfdom.

CrazyCooter's picture

This is a front line report from the ARP (Alaska Republican Party) convention where I served as a delegate:

http://allthefederales.blogspot.com/2012/04/i-was-on-vacation-for-week-and-half.html

In this post, a sitting Senator is challenged by the floor, another Senator is booed for endorsing Romney, and I talk about some of the politics of what is going on behind the scenes.

You will not read these facts in the news paper.

Shameless plug: the lady who challenges Murkowski is a small business owner in SE AK (see link). If you or anyone you know plans to visit SE AK, please hit the link above and follow the links to their business. And be sure to tell them how much you love the consitution and liberty when you make your arrangements.

Regards,

Cooter

 

Dick Fitz's picture

I have been trying to convince people (many that are sympathetic to Ron Paul) of the fact that he has many more delegates than reported, and has a very good chance of winning a brokered convention.

A few of them (once they understood the strategy) have called it Machiavellian, under-handed, an exploitation of the rules and other significant compliments.

The (R)s have created their rules, and Paul has used them to his advantage. The MSM and (R) establishment will try everything in their power to prevent this news from becoming public, but it will scarcely alter the fact that Paul has played them like a fiddle. The convention in Tampa will be lively!

Colorado14er's picture

CrazyCooter, thank you for serving as a delegate.  I was not able to afford being one, so I had to watch from the sidelines.  Sounds like things were very contentious and the GOP establishment continued their attempted fraud and below the belt tactics.  Also looks like we didn't get as many delegates as we'd hoped, but "soon-to-be former state Republican Party Chairman Randy Reudrich" sure has a sweet ring to it.

Cheers.

Muppet Pimp's picture

ALL ZH'ers have a round on me tonight!  

Just watch the video a few times.  Every time it gets sillier.  This is not what this country is about.  Not for a GD second!  Just sit back, have a drink, and watch it a couple times.  Get it?  Bloomberg has allowed the PK to make a mockery of himself for our enjoyment!  Pat yourselves on the back a couple times guys, no joke.  Anyone in their right mind knows damn well what Krugman describes is a far cry from the US of A.  Tell me that bloomberg didn't provide sufficient rope for this jackass to hang himself.  It is silly.  Absolutely silly.  Bravo Bloomberg!  Give Krugman a whole day running the show, the more time the better.  This is fantastic.  Three cheers for BB tonight.

Chanting: USA! USA! USA!

The trend is your friend's picture

If only superman can take all the debt and hurl it into the sun like he did with the nukes in superman III.  That would solve our problems.  Then we can start a whole new super debt cycle and enjoy growth and proserity

CrazyCooter's picture

Then we can start a whole new super debt cycle and enjoy growth and proserity at the expense of our children.

Fixed it for you.

Regards,

Cooter

OpenThePodBayDoorHAL's picture

This shit is not that complicated, folks. Below is a link to the history of money, illustrated, with timelines. Time and again it's the banks versus the people. Sometimes it's the people and the government versus the banks (Napoleon, Andrew Jackson). Other times it's the people versus the government and the banks (like now). Krugman is like a priest in Galilleo's day insisting that the Earth is the center of the universe. What an arrogant prick.

http://www.iamthewitness.com/books/Andrew.Carrington.Hitchcock/The.Histo...

 

Seer's picture

Gatekeeper, that's what Krugman is.

Econ-comics is all about gate-keeping for TPTB.  We'd all be better off ignoring them all.

WhiteNight123129's picture

You refuse to be a slave, so do I and I moved away from OECD countries since 2003. The government does not own you and does not own part of your labor, citizens are not whores and the government is not their pimp.

cranky-old-geezer's picture

 

 

The price of gold over the next couple of years will tell us who won the debate.

Agree.

Of course we know how the price of gold will go during the next few years.  Just like it's gone the last few years.

Krugman never talks about the downside of his policies, like how how ZIRP is robbing savers of interest, and currency printing is debasing the dollar.  Both of these things steal wealth from the people, which Krugman never discusses.

Krugman isn't an economist.  An economist can easily see how you don't solve a debt problem with more debt.  An economist can easily see how printing more currency debases the currency.

Krugman is a (well paid) lackey for the pirates and criminals looting America.

Printing currency and giving it to the government and bankers is the easiest way to loot wealth from the American people.  Krugman supports any cover story they come up with to print currency and give it to the government and bankers. 

"Helping the economy recover" is their best cover story.  Of course the economy doesn't recover.  It's just a cover story for looting.

We're in the final years of America's existence as we know it.  The outright looting spree they started in '08 will take the rest of Americans' wealth, destroy the dollar, and destroy what's left of the economy. 

And Krugman supports it. 

And no, Ron Paul won't be able to stop it.  He won't even be elected.

BigJim's picture

The price of gold over the next couple of years will tell us who won the debate.

No, the price of gold over the next few years will tell us how many more tonnes of the stuff TPTB will squander to keep the price suppressed.

Paul Krugman's picture

I'm sick of this. Don't you people understand that I am the best economist on the planet. How can Austrians possibly disagree with my flawless logic. Read my book and learn something.

Benjamin Glutton's picture

Krugman said Wall Street counterfeits via REPO transactions during discussion with R.P.

 

 

JLee2027's picture

Krugman: Ron Paul wants to take us back 100 years or so.

Ron Paul: Krugman wants to take us back 1000 years or so.

 

Ding!  We have a winner.

hivekiller's picture

More like 2,000 years. All that's missing is the crucifying of Paul on a cross.

Paul Krugman's picture

Furthermore, how can anyone conclude that I don't know the perfect inflation rate for the good ole USofA. I say it should be 3-4% right now and I don't care how we get there. Maybe we need QE3 to the tune of $5-6Trillion. Stop fighting my brilliance. I am the light.

New_Meat's picture

space alien invaders would do the trick ;-)

The Navigator's picture

Nah, he's just playing the part of Krugman, and doing a damn good job of it.

I was wondering where all the down arrows were when the /sarc was missing, but realized what a great Krugman, Krugman was playing.

knukles's picture

Ex Cathedra Illustro Dominatius

(As in Horseshit From on High)

cranky-old-geezer's picture

 

 

I say it should be 3-4% right now and I don't care how we get there.

Ok fine.  Now tell us how we get inflation down from the 12% we have now to the 3-4% you want.

fourchan's picture

p.k. you sir are an idiot.

eatthebanksters's picture

You must be credible, you won a nobel price...just like Barry O, just like Al Gore, Kofi Anan...

BeetleBailey's picture

Paul...Larry Craig's on line 1.

 

He says he's on his cell, and the reception is bad - hurry. Something about Terminal 3....American Airlines section.....says you know what he means.....something like that.....

CryingBear's picture

IF PEOPLE DON'T HAVE THE CHANCE TO EDUCATE THEMSELVES IN COLLEGE THEN THERE WILL BE MORE REPUBLICANS

Temporalist's picture

Ron Paul attracts more young college age people than anyone but Obama and Big O's attraction has fallen like a rock from lack of credibility.

New_Meat's picture

RP attraction of that demo is also rock-star related.  y'know sex-drugs-rock-n-roll. - Ned

RoadKill's picture

Most of my liberal college friends became republicans once they graduated and got six-figure jobs.

Meanwhile people that dont make it through college and switch to government handouts seem to always vote democrat

Poetic injustice's picture

Because they see politics through their perception. You vote on what benefits you, not whole nation. Ergo, USA deserves their politicians.

A Nanny Moose's picture

Shit! We're in big fucking trouble.

eatthebanksters's picture

Many of my liberal friends became conservatives when they started earning decent paychecks and their kids started public schools...

NewThor's picture

It's odd how both Democrats and Republicans stop learning or evolving once they get out of college.

Every American child born today owes its government $133,000 in a working environment that pays $10.00 an hour.

Why anyone would consider themselves a re

publican or a democrat is beyond me? All the evidence is there of divide and conquer.

So many Blue Pill bitchez.

gwar5's picture

Republicans earn  60% more college degrees than democrats do (34.5% vs 21.5%). That is a big difference and that sort of gap has existed every year since 1953 when records were first kept.

Republicans also earn more, pay more taxes, give more to charity, are less likely to cheat on their taxes, and are more tolerant.  If Dems could keep up with Repubs there would be no national debt, and social problems would be nil. When not in jail or rehab, Dems are the ones who are always clamoring for free stuff from the government so none of this should be a news flash or counter-intuitive.

"Democrats vs Republican... Rhetoric vs Reality" -- Joseph Fried, 2008

j0nx's picture

Liberals consist of two types of people: Useless low income imbeciles looking for free shit from other people and wealthier guilty whites who don't have to live in the same neighborhoods as the people who are looking for free shit and who generally stand to gain in some way by them at our expense. - J0nx

NewThor's picture

So conservatives made all the money in the last generation and all the liberals are to blame for all of the problems with America?

LOL

Liberals and conservatives have equally driven this country off of a cliff.

 

eatthebanksters's picture

Krugman has the mentality: we can build sea walls and dikes to withstand ordinary weather so why can't we build them to withstand hurricanes.  The Fed can probably manage the economy in stable times, but under the current conditions its an imposible task. Sometimes you have to let natural forces do their thing. One thing is for certain, no one is better at cleaning shit up and restoring order from chaos than Mother Nature.

A Nanny Moose's picture

Perhaps he suffers from Multiple Personality disorder?

I empathize with the slave, but if government freed the slaves, who would pick the cotton? Who will pick the tobacco. Who will be my mistress?