Posted on 01/05/2010 5:17:55 AM PST by TigerLikesRooster
Keynesianism Delivers a Decade of Zero Economic Growth
Economics / Great Depression II
Jan 05, 2010 - 12:28 AM
By: Dr_Ron_Paul
This past week we celebrated the end of what most people agree was a decade best forgotten. New York Times columnist and leading Keynesian economist Paul Krugman called it the Big Zero in a recent column. He wrote that "there was a whole lot of nothing going on in measures of economic progress or success" which is true. However, Krugman continues to misleadingly blame the free market and supposed lack of regulation for the economic chaos.
It was encouraging that he admitted that blowing economic bubbles is a mistake, especially considering he himself advocated creating a housing bubble as a way to alleviate the hangover from the dotcom bust. But we can no longer afford to give prominent economists like Krugman a pass when they completely ignore the burden of taxation, monetary policy, and excessive regulation.
After all, Krugman is still scratching his head as to why "no" economists saw the housing bust coming. How in the world did they miss it? Actually many economists saw it coming a mile away, understood it perfectly, and explained it many times. Policy makers would have been wise to heed the warnings of the Austrian economists, and must start listening to their teachings if they want solid progress in the future. If not, the necessary correction is going to take a very long time.
The Austrian free-market economists use common sense principles. You cannot spend your way out of a recession. You cannot regulate the economy into oblivion and expect it to function. You cannot tax people and businesses to the point of near slavery and expect them to keep producing.
(Excerpt) Read more at marketoracle.co.uk ...
Ping!
Yeah...but 0bambi doesn't speak Austrian.
Can we actually believe that the evil Paul Krugman is dissatisfied with zero growth? It should be abundantly evident that Keynesianism is a bankrupt economic theory especially when coupled with unrestrained spending. He is stubbornly stuck on his beloved theory because of vanity or he is a zealous (though covert) adherent of Cloward-Piven.
Krugman is the “brains” behind 0bama’s economic strategy and thus very dangerous. I’d like to see this Krugman get a right wing media rectal exam.
boy, I could SO get to appreciate and to like Ron Paul if it were not for his troofer nonsense
Ditto that.
Ron Paul is not a “Troofer”, but whatever.
Careful here. There is no way Krugman can possibly even pretend to think that nobody saw this coming. As the author notes that many did indeed foresee the disaster we find ourselves in, Krugman is simply attempting to revise history thusly: bubbles are sudden, inexplicable, unpredictable things that come out of nowhere, they're a part of normal economic activity (rather than being enabled by the deadly combination of leverage and easy money), etc.
Did you see this?
Haven’t had a chance to read it yet. Life is kicking my butt right now lol.
Ping
Since he's not a troofer, I take it you are.
I think he missed one of the big tactical (and strategic) objectives of the 9/11 attacks--to draw us into expensive assymetrical war. It seems that al-Qaeda succeeded in that.
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