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Source link: http://archive.mises.org/10147/pulling-back-the-curtain-on-paul-krugman/

Pulling Back The Curtain On Paul Krugman

June 16, 2009 by

“To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”

Paul Krugman in 2002

I think of Paul Krugman as the great Naked Emperor of the economics profession, and when I listen to the good professor as I did today to his Robbins Lectures, I can’t avoid picturing the man naked and alone stammer out the words I’m hearing in his nervous “crazy man” voice. Count yourself lucky if you don’t also have this reaction.

ht Mish

{ 16 comments }

silvermine June 16, 2009 at 4:03 pm

And, apparently, Greenspan now works for PIMCO. Coincidence?

Mark June 16, 2009 at 4:35 pm

So Krugman is advocating bigger, faster bubbles? Does he give us insight into what happens down the line?

bob June 16, 2009 at 4:55 pm

To hell with a permanent plateau. Permanent bubble!!!!

Jonathan Finegold Catalán June 16, 2009 at 5:12 pm

Bob,

Keynes suggests just that.

The remedy for the boom is not a higher rate of interest but a lower rate of interest! For that may enable the so-called boom to last. The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and keeping us permanently in a quasi-boom.

Keynes (1964), p. 322.

Bruce Koerber June 16, 2009 at 5:49 pm

Economic Numbskulls
Tuesday, June 16, 2009

Krugman And Bernanke Are Strange Fellows.

The Nobel Laureate for Wackonomics is invited to speak and he write columns but his disgrace just continues to accumulate. He and Bernanke are similarly odd in the way they can lie and weave into their lies their perverted version of Keynesianism and then either listen to their own voices or read their own writings and get pleasure from it.

So narrow is their view that to them all the world is nothing compared to themselves. These two are very good examples of the psychological condition of ego-driven interventionism and ego-driven interpretation that has gone so far into that satanic world that extreme narcissism is all that remains. Theirs is a psychotic state, an extreme depravity, and near to the most vulgar of all conditions for a human being, that is: ego-consumed.

gilad June 16, 2009 at 6:40 pm

Well, I watched a couple of minutes from the first video. Krugman was his usual aggregate Keynesian guy, while acknowledging a “structure of interest rates” (whatever that concept might mean to him) he (as usual) fails to acknowledge any other structure in the economy. Very depressing.

Ron June 16, 2009 at 8:28 pm

It always amazes me when otherwise intelligent (presumably) people suggest such stupidity. As if the cure for buildings that collapse because they’re too tall is to keep building them even taller.

Derek June 17, 2009 at 12:32 am

When I watch this guy all I can think of is my Lit studies and reading Narcissus lol.

Too bad that can’t happen in real life…..

roy June 17, 2009 at 3:27 am

Krugman’s not the Emperor… far from it, he’s the phoney taylor… he’s in on the scam and plans to be far away with his ill gotten gains by the time the emperor parades his new clothes in public…

Serg June 17, 2009 at 4:33 am

h/t mish? Rockwell posted this two days ago.

Artisan June 17, 2009 at 7:56 am

@ Koeber:

narcissism, yes, not to be confused with egoism, which they fight across all company boards.

These people try to excel in that stupid discipline to “please everybody”, while real capitalists stay true to their own vision of the world, delivering a product that society may buy or may not…

I found Rand’s “Figurehead” in so far convincing:
all the bullshit economic theories that these state servants deliver doesn’t impose any specific kind of individual action … whatever they do they’re always right! They just keep floating along the mainstream and wait to see what will happen next.

Bellboy June 17, 2009 at 9:36 am

I can’t believe I’m going to defend him, but that soundbyte is taken out of the context of the article when reproduced on its own.

If you read the whole article, Krugman is merely presenting an argument, not making one.

MatthewWilliam June 17, 2009 at 10:47 am
Jonathan Finegold Catalán June 17, 2009 at 10:59 am

He has a good way of taking comments out of context, not linking to what he’s replying to and then calling his readers stupid.

N. Joseph Potts June 17, 2009 at 5:35 pm

Krugman is Great Naked Emperor! I LOVE that – it really has legs.

And I heard it first here, from Greg Ransom. The originator?

Ari Timonen June 18, 2009 at 5:29 pm

Thanks for the quote. It is great that you keep posting stuff refuting his crazy plans and quote anything to dimnish any credibility.

Since our Finnish national (socialized) tv channel (YLE) made a document about the financial crisis interviewing – you wouldn’t guess – Paul Krugman, this is some golden stuff.

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