Economist, Nobel Prize Winner, Has Irony By Pass

With the left wing screechers still having their volume dial turned up to eleven over George Osborne’s statement that we will need five more years austerity to get the economy sorted we need some respite. In fact after five years of ‘austerity’ the debt has grown, earnings are down, real unemployment (i.e. including those jobless the government statisticians don’t count) is about the same, the poverty gap is wider and we are still fucked so no respite in sight from the brain dead zombies who insist that to get the country on the right track we need five million unskilled, uneducated, undomesticated immigrants from third world terrorist hot spots.

Is should be no surprise that the world’s leading brain dead idiot economist Paul Krugman has had an irony by pass. You thow up your hands in surprise but what other explanation could there be for Krugman’s recommending governments to follow the advice he was giving throughout the 1009s until the dotcom bubble burst and from 2001 to 2008 when the sub prime bubble burst.

Yes without the slightest hint that he is aware of the irony Krugman is suggesting that to get out of the shite we must follow the economic policies he developed that got us into the shite.


The problem with ideologues is that they do not learn from their mistakes, not even after they repeat them and things go wrong again. Paul Krugman returns to one of his favorite subjects in his Friday column: the mismanagement of Greece’s fiscal crisis, which erupted five years ago and has ongoing terrible side effects that are damaging the whole world. “But I’m not talking about the side effects you may have in mind — spillovers from Greece’s Great Depression-level slump, or financial contagion to other debtors,” Krugman writes. “No, the truly disastrous effect of the Greek crisis was the way it distorted economic policy, as supposedly serious people around the world rushed to learn the wrong lessons.”

Greece is again in crisis and Krugman is wondering if (hoping that )the world will learn the right lesson this time.

The first time, the conversation became all about cutting government spending and obsessing over deficits. That this worsened unemployment and blocked any chance for growth was simply denied by fiscal austerity hucksters like British prime minister David Cameron and U.S. budget hawk Paul Ryan. We’re all going to be Greece, they hysterically warned. Minus the sunshine. Krugman:

In reality, Britain and the United States, which borrow in their own currencies, were and are nothing like Greece. If you thought otherwise in 2010, by now year after year of incredibly low interest rates and low inflation should have convinced you. And the experience of Greece and other European countries that were forced into harsh austerity measures should also have convinced you that slashing spending in a depressed economy is a really bad idea if you can avoid it. This is true even in the supposed success stories — Ireland, for example, is finally growing again, but it still has almost 11 percent unemployment, and twice that rate among young people

Read more at Alternet

But does the academic scab louse not understand it was lack of financial discipline and unrestrained borrowing that got Greece, Portugal, Spain, Italy, Ireland, Cyprus and other debtor nations into trouble in the first place. Al little austerity when Krugman was screaming “Borrow, borrow, borrow, the good times will never end,” and they might not be in such trouble now.

The Debt Ponzi Deconstructed

Predictably, Krugman Flees the Scene

A while ago one of my readers took me to task for callingeconomics, krugman, wizard, economist Paul Krugman and elitist idiot and the scum sucking spawn of a pox whore’s scab louse (or something equally colourful).

“But you can’t say that about Krugman,” my reader said, “he won a nobel prize. And we know he’s very clever because he told us so, and he has a PhD.

I’ve always believed in what the Wizard of Oz said on the subject of clever, “You don’t need a brain, you just need a diploma.”

And Paul Krugman has enough diplomas to start a toilet paper factory. Sadly however it was his economic thinking that led American Democrat and Republican and British Labour Party governments to believe it was possible to fund ongoing prosperity by infinite borrowing, artificially inflating asset values to collateralise the debt.

It’s all smoke and mirrors of course, like Steinbeck’s monster, like Ponzi’s pyramid, the Krugman economy must grow because if it does not grow it dies. And when the lenders start to understand there will eventually not be enough money in the Krugman economy to pay the interest on accumlulated debt, they become very twitchy about lending more.

Only a complete cupid stunt would think that was a good way to run an economy. QED.

I’m not the only one who thinks Kurgman is a total wanker however. Read what The Daily Bell has to say about the ubiquitous bell – end. PheffingDee my arse.

Predictably, Krugman Flees the Scene

Here’s a preview:
As the West degenerates, as monetary systems fail, as war expands and the Leviathan produces endless, senseless laws and regulations that merely increase the destructive trends of globalism the Krugmans of the world have more and more difficulty justifying what is wrong.

Eventually, the cognitive dissonance becomes overwhelming and they attempt, finally and feebly, to simply jettison the vision they’ve been paid to vigorously defend. Here’s more on how Forbes puts it:

This is the world that Paul Krugman of the New York Times has defended for years. But in a column of August 24, “Galt, Gold and God,” he rails against an interest in the gold standard, which he attributes to Paul Ryan. Krugman lambastes Ryan, ironically enough, for an observation the latter made paraphrasing Keynes: “‘There is nothing more insidious that a country can do to its citizens,’ he intoned, ‘than debase its currency.'”

… Krugman would do well to dig into a classic: Goethe’s Faust, Part II. Scott Minerd, chief investment officer at Guggenheim, writing in the Financial Times recently, brilliantly called contemporary monetary policy “the ultimate Faustian bargain.” Paper money comes straight from Mephistopheles …

Prof. Krugman and his “plovers” have a propensity to dismiss their intellectual adversaries with infantile terms such as “derp.” It is easier, although lazy and louche, for Prof. Krugman to ignore the comments of world-respected officials, such as Herr Dr. Weidmann calling gold a “timeless classic.” Prof. Krugman chronically misrepresents marginal figures as significant. He sets up straw men for ridicule rather than grappling with proponents who make a rigorous case.

More on Kurgman’s big fail:

Where did all the money go
Death By Debt Of Western Civilization?