Posted on 06/25/2010 6:47:52 AM PDT by jpl
It's always the right time to ignore Paul Krugman, the New York Times columnist, Nobel Laureate and four-time Latin Grammy nominee whose drink-yourself-sober advice on handling the debt crisis is so sharply at odds with reality.
Of late, Krugman has had his Irish up at Europeans who are resisting the Obama Administration's plan to continue spending hundreds of billions on financial stimulus. (Not that he agrees with the administration, which Krugman has been arguing for the last 18 months should be spending trillions, not mere billions, on stimulus.) And in the case of Bundesbank president Axel Weber -- whom Krugman called out recently in the daily Handelsblatt for trying to shore up the falling euro at the expense of government job creation -- it's created a backlash. The Wall Street Journal reports that Krugman's criticism has turned him into the anti-Hasselhoff and boosted Weber's popularity as he pursues the top job at the European Central Bank:
Wolfgang Franz, who heads the German government’s economic advisory panel known as the Wise Men, tore into Krugman — and the US — in an op-ed in the German business daily Wednesday, titled “How about some facts, Mr. Krugman?”
“Where did the financial crisis begin? Which central bank conducted monetary policy that was too loose? Which country went down the wrong path of social policy by encouraging low income households to take on mortgage loans that they can never pay back? Who in the year 2000 weakened regulations limiting investment bank leverage ratios, let Lehman Brothers collapse in 2008 and thereby tipped world financial markets into chaos?” he wrote.
Unfortunately, as Krugman notes in his response, Franz managed to find the weakest arguments against the Times' fiscal shaman. Europeans have lost their appetite for digging deeper holes of debt for the same reason Americans have: because they don't have a choice. As Margaret Thatcher predicted would happen, we have all run out of other people's money. That reality explains a lot more than airy references to Germans' anti-inflationary mass psychology.
We're at the tail end of the largest economic intervention since World War II, and even on its own narrow, nebulous terms, it has been a colossal failure. The failure is obvious to working people. It's obvious to unemployed people. It's obvious to kindergarteners, to dogs and cats. Only Paul Krugman persists in thinking good things will happen if we just throw more money on the barbecue.
Roosevelt failed even more massively and was re-elected three times (with the arrogant slimebag destroying the great American tradition of choosing to only run for 2 terms, not violated in over 150 years before Roosevelt, with each president in turn imitating the wise and selfless example of the greatest American president, Washington, to voluntarily step down). Roosevelt was our worst President with Obama close on his heels.
But there was no internet in 1933 to get to the truth with real news from the people at large and not the propaganda from the elite and the powerful who try to pull the strings . . . so keep posting and e-mailing!
It happens quicker than you'ld think too.
BUMP!
Are scales finally beginning to fall from people’s eyes? Real hope, and not just the dope’s hope.
My stupid local newspaper prints Krugman’s column on the editorial page. After I learned who he was here on Free Republic, I simply ignored his column. Too bad my local rag won’t drop him.
Well, you could drop your local rag, and tell them why.
I saw a clip of Rachel Madcow once talking about his upcoming appearance on her show saying, “Up next and just in the nick of time to talk about the current state of the economy, Nobel Prize winning columnist from the NY Times, Paul Krugman.
I burst out laughing......
My tag line used to be “Paul Krugman is ALWAYS wrong”.
It is hard to determine who was the worst as each built upon the other starting with Woodrow Wilson. However, FDR did set the pattern that has been copied by each succeeding Democrat President. He campaigned on a platform that was the opposite of how he governed and the media, even then, covered for him and cheered him on. They gave him credit for ending the depression but he actually prolonged it for about seven years or so. Does prolonging a depression remind anyone of our present situation?
Thomas Fleming wrote and excellent book that made a good case that FDR and the Communists surrounding him, including his wife, fought WWII in a way and for the purpose of saving Joe Stalin's butt. The book is titled The New Dealers War: the war within WWII.
JFK surprised the liberals by being more conservative than they expected but they quickly dispatched him and then LBJ, to most Southerners surprise, expanded on FDR's start and greatly expanded government through The Great Society which included the creation of Medicare. The Democrat Congress later doubled crossed the South Vietnamese by cutting off the money and gave the country to the Communists.
Carter was an inept Commie but he still cut our military in half, created the Dept. of Energy, gave away the secret of our stealth aircraft, gave away the Panama Canal to the Chinese, and much more.
Slick Willie was held in check by a Republican Congress for most of his Presidency but he did much damage, too, giving the Chinese the secret to our MIRV technology so they could launch satellites for Loral Corp, whose CEO, Bernard Swartz, had given $100,000 in campaign contributions and the Chinese threw in much more illegally. He also cut and starved our military, sold access to the WH for contributions, pardoned drug dealers and terrorist for money, etc. Although Slick had Communists leanings it was all about money with him.
Obama and the Democrat Congress are now trying to push the ball over the goal line for complete Communist control.
This whole thing was kicked off in 1907 when Vladimir Lenin sent Julius Hammer to America to establish a Communist beachhead. He started the Communist Party USA. He was soon imprisoned for killing a woman through a botched abortion and his son Armand took over. Armand started Occidental Petroleum and he romanced the New York and Washington elite with lavish cocktail and dinner parties. Two of his early seductions were Arthur Sulzberger, publisher of the New York Times, and Senator Albert Gore Sr., of Tenn. Gore was soon ensconced on an entire floor of the Ritz Carlton Hotel in Washington and his son, Algore, is still being paid by Occidental Petroleum through various nefarious schemes.
Woodrow Wilson was the first Democrat President after that and the beat goes on.
Paul Krugman and Al “the sex poodle” Gore...two reasons why the Nobel Prize should go back to the original five.
Classic Krugman ‘proved an idiot’ ping. He is the brains behind the Maddow and Schulz economic thinking, that more and more deficit spending creates prosperity and actually pays for itself (”Then where is my check so I can start paying???”)
” Little Obamie ....
Never once gave it away
Everybody
Had to pay & pay
A hustle here &
A hustle there
The windy city is the place where
they say “ hey babe, take a walk on the commie side”
they say, “hey sugar, take a walk on the commie side”
alright....
Wow. Heckuva post. Bump.
Interesting that the Germans have a better understanding of the reasons for the economic collapse, than do most Americans, all Democrats and the MSM.
And, obviously, "Nobel prize winner" Krugman doesn't understand it either.
Thanks. It helps to understand when there is some perspective.
Just a silly question because I am not a smart economist like Krugman: If all this massive debt stimulus (like endless unemployment checks) pays for itself by creating jobs and tax revenue, then why did Obama have to hire a ‘tax us’ commission to write a report that says all our taxes must go up or we are doomed?
more and more deficit spending creates prosperity and actually pays for itself
______________________________________________________
I’m picturing a husband:
“Honey, dearest wife. I have to talk about something serious. I am out of a job and we don’t have much money. It’s time for us to Xerox bills on a color copier and spend as much as we can around town. If we spend enough maybe someone will look to hire someone with all their money and I will get a job. That will get us out of this mess.”
Consistency is the hobgoblin of those with minds.
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