As usual Paul Krugman is WRONG on economics

[lrm21]

Let's talk facts

1) We are bankrupt. Debt will exceed GDP by the middle of next year.

2) We are not bankrupt to ourselves like in 1945, we're in reality the debt was savings. And when people came back they used their savings to build businesses.

3) Our economy is based on consumption, which is kinda backwards since consumption is a reward of production. But we produce nothing. Except financial derivitaves and that game is over. We have lived the last 30 years off the fruits of the previous generation.

We went from being the greatest creditor nation to the greatest debtor nation.

If Keynes, or Friedman, or Mises where alive they would sodomize Krugman with his nobel prize. They all had their differences but Economics 101 is you cant spend what you don't have or what no one is willing to lend you.

Nations with actual savings can allow their govt. to dick around with the economy.

Bankrupt nations watch their people starve.

Buy rice.

 

[clacy]

Quote from lrm21:

Let's talk facts

1) We are bankrupt. Debt will exceed GDP by the middle of next year.

2) We are not bankrupt to ourselves like in 1945, we're in reality the debt was savings. And when people came back they used their savings to build businesses.

3) Our economy is based on consumption, which is kinda backwards since consumption is a reward of production. But we produce nothing. Except financial derivitaves and that game is over. We have lived the last 30 years off the fruits of the previous generation.

We went from being the greatest creditor nation to the greatest debtor nation.

If Keynes, or Friedman, or Mises where alive they would sodomize Krugman with his nobel prize. They all had their differences but Economics 101 is you cant spend what you don't have or what no one is willing to lend you.

Nations with actual savings can allow their govt. to dick around with the economy.

Bankrupt nations watch their people starve.

Buy rice.

Mostly true except the last part. We have all the food.

 

[lrm21]

Quote from clacy:

Mostly true except the last part. We have all the food.

Unless they force me to sell you the food. I would rather put on a boat to a country with a worthwile currency. Then give it to you for worthless paper.

See what happens when you have no money to buy my food. If you think the fact that we produce the food is a safety net think again.


http://www.guardian.co.uk/world/2002/nov/25/famine.argentina

Child hunger deaths shock Argentina
Economic crisis sharpens poverty in world's fourth biggest food exporting country

Children are dying daily of malnutrition in Argentina as a result of the catastrophic economic crisis in the world's fourth biggest exporter of food.

In the past week, images of stunted, emaciated children have scandalised Argentina, long known as the grainstore of the world

..
Dr Oscar Hillal, the deputy director of the children's hospital in Tucuman, said: "This is not Africa, this is Argentina, where there are 50 million cattle and 39 million people - but where we have a government which is totally out of touch with the people's needs."

..

I hope your not counting on Obama to feed you.

 

[ByLoSellHi]

Sorry, Daal, but you have about 1/1000th the credibility of Krugman.

And that's on his worst day and your contemporaneous best day.

 

[Daal]

I'm taking that as a compliment

 

[Anaconda]

Quote from clacy:

Mostly true except the last part. We have all the food.

US is currently a net importer of food.

lrm gave great advice. Stockpile food.

 

[smilingsynic]

Quote from clacy:

He works for the NY Times and he won the Nobel Prize for economics. Case closed.

Oh, I see--communists control the NY Times and the Nobel Prize committee.

LOL.

Only at ET.

 

[therandbman]

Quote from lrm21:

Let's talk facts

1) We are bankrupt. Debt will exceed GDP by the middle of next year.

2) We are not bankrupt to ourselves like in 1945, we're in reality the debt was savings. And when people came back they used their savings to build businesses.

3) Our economy is based on consumption, which is kinda backwards since consumption is a reward of production. But we produce nothing. Except financial derivitaves and that game is over. We have lived the last 30 years off the fruits of the previous generation.

We went from being the greatest creditor nation to the greatest debtor nation.

If Keynes, or Friedman, or Mises where alive they would sodomize Krugman with his nobel prize. They all had their differences but Economics 101 is you cant spend what you don't have or what no one is willing to lend you.

Nations with actual savings can allow their govt. to dick around with the economy.

Bankrupt nations watch their people starve.

Buy rice.

Well said.

 

[piezoe]

Quote from MGJ:

Start a petition drive. Convince the Nobel committee to nullify his Nobel Prize.

Curiously, there is no true Nobel prize in Economics. The "Nobel Prize in Economics" was invented by modern economists because they felt left out. They somehow talked and contributed their way to a prize in honor of Nobel, and also talked the Nobel committee into playing along. The "in honor of" part is nearly always omitted when announcing the economics prize. Nice of the economists, who are not known for being overly humble, to honor themselves for their brilliant thinking.

 

[PohPoh]

Quote from Pa(b)st Prime:

Yea. A "lifetime" of being a pompous, partisan, big-government douchebag.

bahahhaa..
Krugman sucks.