From Nobel To Peasant, Krugman Should Lose Prize

Commodity News Center ^ | 8/11/09 | James Bibbings

[h20skier66]

All in all, I vote for Paul Krugman losing his Noble Peace prize in Economic Science because he clearly has no idea what he’s talking about. Things are not fixed Paul! Since they aren’t fixed you can’t say we avoided a second great depression! Perhaps you can explain to me what will happen when the Fed, the Treasury, US banks, or anyone else for that matter with trillions of dollars in bad positions has to unwind those trades? Will we just stimulate our way through that too?

You know what, on second thought, perhaps Krugman is right, maybe we should put Ben Bernanke back in office for another term....

[Kansas58]

Krugman is an idiot.

His diagnosis of the problem was wrong.

His snake oil remedy was also wrong.

[fhayek]

Every time I read Krugman, I just could not fathom how he could have so much faith in left wing economics. I know he won the Nobel Prize (the Nobel Prize committee is really pushing its credibility lately), but shouldn't an economist do some real life observations from time to time to see if their theories have merit. You want liberal economics (high taxes, high welfare spending, high unionism, significant government for job creation. Look at New York State or California. Check out Massachusetts for universal health care. Or maybe Canada, and its spiraling health care spending. Keep going farther left, and you have Cuba, North Korea, the old Soviet Union for case studies. Exactly what do you like about any of these, Mr. Krugman?