The Phaserl


Krugman Cheerfully Spews His Master’s Propaganda, There’s No Inflation: Gold Does Not Glitter

by Paul Krugman, NY Times:

So, the slide in gold has turned into a rout. As Joe Weisenthal says, this should be seen as really good news, because it offers strong evidence that the goldbug/inflationista view of the world — which says that we need to stop all efforts at monetary and fiscal stimulus lest we turn into Weimar — is, in fact, all wrong.

But Joe is, I think, deluding himself if he imagines that this will make any difference. After all, the inflationista view of the world has been repeatedly, devastatingly wrong on many fronts — interest rates, inflation, the effects of austerity. Has anyone other than Narayana Kocherlakota (who deserves big props for intellectual flexibility) actually changed his or her mind in response?

In fact, by and large the goldbug response to each failed prediction has been to claim that evil government officials are hiding the truth. Interest rates are low? That’s because the Fed is suppressing them. How can it do that, year after year, without causing runaway inflation? Oh, actually we have runaway inflation, but the BLS is faking the numbers (and independent measures, like the Billion Prices Index, are part of the plot).

Sure enough, the response of many goldbugs to the latest events has been to cry conspiracy.

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7 comments to Krugman Cheerfully Spews His Master’s Propaganda, There’s No Inflation: Gold Does Not Glitter

  • Rodster

    Why does anyone give this incompetent goofball any attention? 😛

  • Stefan B.

    I don’t honestly think that Krugman is an active conspirator of any sort, with regards to anything at all. It’s not a difficult stretch to believe that some human beings ACTUALLY believe in Keynesian economics. …That it’s not a show, or a lie, or an act, or a script, but rather that they actually believe this stuff. Of those who believe it, some are going to be “experts” in it.

    So why does he have credibility? Well, for starters he won the Nobel Memorial Prize in Economic Sciences… …an award funded directly by the banks.

    Well… I mean, fuck. A Keynesian thinks the Austrians are wrong. Did we expect different this morning? He won a fucking award FROM the banks.

    …connecting… dots….. painful.


  • Rico

    I think Krugman is an Economic THUG, marching in lock step with his Socia-Marxist Boss and the CRIMINAL Central Bankers who awarded his Nobel Prize…His boss has one too for Peace. Please, no equity is created through Keynesianism, only debt. The sliver of real wealth that exists in savings/retirement accounts and thriving businesses can be wiped out by the collapse of all FIAT Currencies. Gold and Silver are the only real solution to Fractional Reserve Central Banking. If everything is OK, then why did that little PUNK Timmy Geithner run for the hills after one term as Treasury Secretary? The horizon looks troubling and the battle between good and evil is coming our way. time to wake up the ignorant and arrogant…NOW!

  • Stefan B.

    Just to be clear, there is NO Nobel prize in economics.

    It is actually “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”

    It’s an award, funded by the banks, awarded LIKE the Nobel prize, but it is NOT a “Nobel Prize”, per se.

    The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is the only non-Nobel prize that has ever been associated officially with the Nobel Foundation.

  • rich

    just to be clear…things aren’t that good…

    New kid on the block: Corporate titans

    Don’t be late on rent

    The rapid-fire acquisitions are driven by a murky shelf life. Climbing home prices eat into profit, meaning a tipping point will arrive when the buy-hold-rent business model no longer makes sense. And unlike the mom and pop landlords of lore who may let a rent check slip in late now and then, corporations are all about the bottom line.

    During a Starwood Property earnings conference call in February, one executive likened buying homes to trawling for tuna. You catch a lot of fish, keep the tuna, and throw everything else back in the ocean.

    “It’s an interesting little business,” he said about the now-muddled American Dream. “We’ll see if it becomes a big business for us.”

    “This is a growing market where people, more and more, are becoming renters either by choice or because of economic circumstances,” said Marcus Ridgway, chief operating officer for Invitation Homes.

    It’s difficult to get an exact measure of the large firms’ stockpile of homes in Florida because they often buy under multiple spin-off corporations with different names. Blackstone, for example, has bought under THR Florida, LLC. Starwood Property Trust uses Srp Sub, LLC. California-based Waypoint Homes, which is buying in Broward County with an intention of moving north into Palm Beach, is using the name Adalwin, which regional director Andrew Ginsburg said is a German name that means “noble friend.”

    what do they do to tuna that jump about?…club them…like being referred to as tuna?

  • bestkeylar

    All loans paid, the pantry is full and the silver is stacked. Let the bad times roll, I’ll tired of trying to convince non believers.

  • jeff

    Does anybody really care what that ferret faced moron thinks or says? Reminds me of when I was still reading “conservative” sites and they cried about the latest thing that Andrew Sullivan was saying. Who really gives a shit.

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