The View From 1776

Krugman’s Intellectual Waterloo

Paul Krugman, New York Times socialist flack, is repeatedly on the wrong side of history.  His record ranges from being a paid consult to the scandal-drenched Enron Corporation, to advocating, in a 2002 Times editorial, the Fed’s creating a housing bubble.

Posted by .(JavaScript must be enabled to view this email address) on 06/22 at 05:07 PM
  1. He's a vulgar Keynesian. Keynesians are focussed on one primary idea: Growing the state. They believe in top down control of the economy by an ivory tower elite divorced from economic reality since they produce nothing but coercion and hare-brained social engineering schemes. The program can't work for long so a narrowing of the boom and bust cycle is required. Enter the central bank and politically driven monetary policy. During the boom, government revenues rise allowing the state to further it's regulatory reach and power through blatant vote buying and redistributionist policies while those participating in the productive economy are diverted by phony growth and paper wealth. With the inevitable bust, as those top down policies fail and the malinvestment caused by short-sighted monetary, fiscal and regulatory policies (always serving specific interests) need to be cleared from the over 'stimulated' markets and sectors, the root causes of the bust need to obscured and mystified as a failure of free markets rather than the over-reaching state. If a large enough portion of the population falls for it the cycle can begin again while the state amasses more and more power over the people and what productive capacity reamins. The Roman tecnique of misdirecting the people with 'bread and circuses' is at play allowing those in power to cover their tracks as the country slowly collapses under the weight of a self-interested administrative state which sees the people as mere pawns to be manipulated and directed away from the truth. Heavy taxation, counterproductive regulation, slowly destroying society's organic and intermediating institutions indepenedent of the state and a debasement of the currency are the goals of tyranny. The short sighted, power hungry folks at the top however, never realize that the destruction they cause will destroy them as well. Like Krugman, failure is not an option so lies and misdirection are essential to cover it up and to keep the scam going. It's a regular gravy train for the nit-wits.
    Posted by .(JavaScript must be enabled to view this email address)  on  06/23  at  11:40 AM
  2. The Post by Mises Daily takes Krugman to task for predicting that Fed action would result in a housing "bubble."

    The very use by Krugman of the word "bubble" is evidence that Mises accusation is foolish. Nobody recommends generating a "bubble" as policy, because the fundamental characteristic of bubbles is that they tend to burst -- and with usually unpredictable and unpleasant results.
    Posted by .(JavaScript must be enabled to view this email address)  on  06/23  at  01:22 PM
  3. JJ- Krugman's words speak for themselves. His recomendation of bubble blowing in the residential housing sector was repeated elsewhere, without using the term 'bubble'. He has a firm belief in the ability of the fed to 'smooth' the business cycle through the artificial manipulation of interest rates without any unintended consequences. That is what vulgar keynesianism is all about: top-down 'management' of the economy where the 'managers' are immune to the laws of economics.
    Posted by .(JavaScript must be enabled to view this email address)  on  06/23  at  04:34 PM

    P.S. That includes Krugman.
    Posted by Jim Baxter  on  06/24  at  01:28 AM
  5. JJ is quite right that "Nobody recommends generating a
    Posted by bill greene  on  06/24  at  08:42 AM
    Posted by .(JavaScript must be enabled to view this email address)  on  06/24  at  10:45 PM
  7. You're a 1/5th-wit since you can't name your own!

    You still have an unqualified opinion based in pure ignorance.

    Deal with the following: "Can anyonr be smarter than their criteria?" Are you? sic
    Posted by Jim Baxter  on  06/24  at  11:22 PM
  8. David,

    Relax, David, Relax! You just have to ignore Jim and his "criteria" refrain.

    After a while, it becomes like the serial music of Arnold Schoenberg or John Cage. You just have to let it roll over you.
    Posted by .(JavaScript must be enabled to view this email address)  on  06/25  at  09:47 AM
  9. You and little David obviously do a lot of hobby rolling instead of thinking. "Roll, baby! Roll"

    Confession: "...not smarter..." selah
    Posted by Jim Baxter  on  06/25  at  10:22 AM
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