The Paul Krugman Thread


#1241

Krugman May 2012

krugman.blogs.nytimes.com/2012/0 … ntina-way/

Fast forward to: Price controls Feb 2013

Argentine Markets Freeze Prices for 60-Days Amid 26% Inflation

bloomberg.com/news/2013-02-0 … ation.html


#1242

You forget, monetarists heart inflation.


#1243

“So we should avoid that damage by kicking the can down the road. It’s the responsible thing to do.”

nytimes.com/2013/02/08/opini … =auto&_r=0

The guy has completely lost the plot, and how he has any credibility left is mind boggling!


#1244

I think the problem is that you dont understand what he is saying. Which is strange because its not a complex message.


#1245

Kick That (Keynesian) Habit -> krugman-in-wonderland.blogspot.c … habit.html


#1246

Indeed, he’s saying kick the can down the road and then have increased inflation, purposefully generated, to rob every last penny in savings you have.


#1247

Does Krugman ever mention ‘savers’ and how his policies affect them ?


#1248

There is a choice that society must make. Or, more accurately, it must steer the middle ground.

Let’s look to the facts. Since the start of this downturn, ‘savers’ savings have exponentially increased in what those savings now actually buys you. More house for your money; more business for your money; more plant and machinery, more of other peoples’ labour… and so on.

What matters is the productive economy. As I’ve often posted, look to this old quote to see the truth of what is entailed in not printing more money and inducing inflation. *Particularly *in the current environment.

“… Riches are a power like that of electricity, acting only through inequalities or negations of itself. The force of the guinea you have in your pocket depends wholly on the default of a guinea in your neighbour’s pocket. If he did not want it, it would be of no use to you; the degree of power it possesses depends accurately upon the need or desire he has for it, —and the art of making yourself rich, in the ordinary mercantile economist’s sense, is therefore equally and necessarily the art of keeping your neighbour poor.” (Ruskin)

ie. Don’t print any more money because if and when this money finds its way into your neighbour’s pocket, your own money won’t go as far. (And to hell with the consequences).


#1249

https://www.youtube.com/watch?v=rTT8_3oXNUw


#1250

Krugman V Europe: Its getting ugly

money.cnn.com/2013/03/12/news/ec … l?iid=Lead


#1251

Exactly so.
The end aim of all these corporatist/statist academics is to reduce the individual to the status of state property.

Its incredible how many people ‘follow’ or support these economists - Keynesian or Austrian - when the discipline of economics itself is the problem.
Sorta like ‘Coke or Pepsi?’ for the thinking classes. (the answer btw was milk)


#1252

Joe Scarborough and Paul Krugman debate debt on Charlie Rose Show:

charlierose.com/view/interview/12802

This is a spill-over from this initial encounter on Morning Joe:

nbcnews.com/id/3036789/ns/ms … p/50613650


#1253

:smiley:

krugmantimes.com/


#1254

Swiss gnome.


#1255

Funny story given the other party involved.
krugman.blogs.nytimes.com/2013/0 … eitbarted/


#1256

I don’t understand. I thought you were in favour of inflation? Or have you had a change of heart? :slight_smile:


#1257

I’ve never been in favour of inflation. I believe it is theft.

I don’t believe that QE in the current environment leads to inflation.


#1258

How can you say that when the inflation from QE is there for all to see - it’s been funnelled into bonds.
We went from a tech bubble into a property bubble into a bond bubble.
Asset-price inflation is still inflation !

Everytime the fed cashbombs the market to refloat a bust, the money is shifted into one area more than others.

All they end up doing is creating a bubble once again.


#1259

But QE has lead to inflation. Just look at the UK for example.


#1260

The point being that if you follow the dictates of the economists (it doesnt create inflation) then of course it doesnt create inflation.
But if you open your eyes and look around you, you’ll see that it does.

…which all goes to show that Economics is nothing but a faith based system.

Cant wait ot hear the answers to these -