Which will eventually lead to the dollar being like this...
Posted on 10/15/2010 6:57:02 PM PDT by blam
Krugman is a crazy person.
I mean like delusional, hallucinatory crazy.
I knew guys with D averages in econ that could outthink this idiot.
Krugman believes if we print enough money to give every a million dollars, we all be rich
Krugman needs 9 grams.
Krugman is nothing but an Obama/extreme leftist hack. Both of them would like it very much if $10T in federal debt were monetized just to say Obama got rid of the debt in time for the 2012 election. Who cares of the rest of “Rome” is buring to the ground, just like they did with the Porkulus.
I don’t even know why this man still has a job after being so completely wrong.
Neither Krugman nor Obama has a clue about what constitutes wealth.
“Krugman is a crazy person.
I mean like delusional, hallucinatory crazy.”
Good grief... I am one in favor of additional QE (fight off deflation which, according to the analyst at the Atlanta Fed is at the highest probability of occurring than any tome in the post war economy) but $10 Trillion? That’s just nucking futs...
Good grief... I am one in favor of additional QE (fight off deflation which, according to the analyst at the Atlanta Fed is at the highest probability of occurring than any tome in the post war economy) but $10 Trillion? That’s just nucking futs...
Who do you suppose is going to get the 10 trillion?
One definition of insanity: When faced with two options, one being lower taxes (especially on businesses) and less regulation and the other option being monetizing the debt with 10T dollars....you go with #2.
Krugman is an idiot. It’s always a safe bet to bet against him nomatter what he says.
What he’s REALLY saying is that we should renounce our debts, since most of it is in dollars - so by doubling or tripling the amount in circulation, you effectively reduce the real cost of the debt. It’s a form of default. Unfortunately, you also will cause imported goods (including oil) to double or triple in price, and domestic goods to increase by varying levels (related to their amount of imported content, starting from raw materials, and including labor). Savings accounts will be worth proportionally less, as will just about everything in dollars. People’s pay will not increase much, if at all, so basically we become a third-world country. On a personal level, ask yourself how you would do if everything you spent money on, say, doubled in price.
Having said that, this country will soon have to choose a path with regard to the debt and future obligations. We will either have to default (in some way), or actually try to pay down our debt. To do so will mean budget surpluses - and that means big changes - such as raising the retirement age to 72 years old, and quickly, for example. Or huge tax increases on the poor and middle class (like a VAT), as taxing the rich just slows the economy down and negates any benefits. They could (and may) go after private retirement accounts - with the worthless promise of an annuity. Or maybe some stuff that’s even worse, but I’ll leave that to your imagination.
$10 trillion??? Guy doesn’t have a clue of the money needed, try a quadrillion dollars to cover the debt involved. $10 trillion only covers interest.
Why do Mommy and Daddy spend $50,000 a year to have Biffy or Buffy go to Princeton to listen to total idiots like Krugman, or Blinder??
I’ll never know!
QE = stealth tax (and an especially regressive one).
Why does Krugman hate the poor?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.