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.
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.