Krugman eviscerates Austrian school, hack, cranks

[Dot Com]

Its like shooting fish in a barrel for him:

Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com

James Pethokoukis and Ramesh Ponnuru are frustrated. They’ve been trying to convert Republicans to market monetarism, but the right’s favorite intellectuals keep turning to cranks peddling conspiracy theories about inflation. Three years ago it was Niall Ferguson, citing a bogus source. Ferguson was widely ridiculed, by moderate conservatives as well as liberals — but here comes Amity Shlaes, making the same argument and citing the same source. The “reform conservatives” have made no headway at all.

discuss Austrian failure(s)...

 

[Sallow]

The answer is that inflation paranoia isn’t a simple misunderstanding that can be corrected by pointing to evidence. It’s deeply embedded in the modern conservative psyche. Government action must, by definition, have disastrous results; and whatever market monetarists may try to say, their political comrades will continue to lump monetary policy in with fiscal stimulus and Obamacare. And fiat money can’t work — Francisco D’Anconia said so, and it must be true. So it’s always the 70s, if not Weimar, and if the numbers say otherwise, they must be cooked. Evidence has a well-known liberal bias.

That roundly kiboshes the gloom and doomers.

The same folks, by the way, that keep bashing big government walk around with money in their wallets printed by big government.

You just can't make this stuff up.

 

[Toro]

I don't see inflation anywhere but history isn't over yet.

Speaking of cranks and inflation, where is that Meet the Press clip of Krugman saying the Fed should inflate the housing market?

 

[Shanty]

Its like shooting fish in a barrel for him:

Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com

James Pethokoukis and Ramesh Ponnuru are frustrated. They’ve been trying to convert Republicans to market monetarism, but the right’s favorite intellectuals keep turning to cranks peddling conspiracy theories about inflation. Three years ago it was Niall Ferguson, citing a bogus source. Ferguson was widely ridiculed, by moderate conservatives as well as liberals — but here comes Amity Shlaes, making the same argument and citing the same source. The “reform conservatives” have made no headway at all.

discuss Austrian failure(s)...

Discussing Austrian failures would take millions of lifetimes.

 

[Shanty]

I don't see inflation anywhere but history isn't over yet.

Speaking of cranks and inflation, where is that Meet the Press clip of Krugman saying the Fed should inflate the housing market?

He didn't say that at all. You're misinformed.
http://krugman.blogs.nytimes.com/2010/04/05/me-and-the-bubble/?_php=true&_type=blogs&_r=0

 

[Toro]

I don't see inflation anywhere but history isn't over yet.

Speaking of cranks and inflation, where is that Meet the Press clip of Krugman saying the Fed should inflate the housing market?

He didn't say that at all. You're misinformed.
http://krugman.blogs.nytimes.com/2010/04/05/me-and-the-bubble/?_php=true&_type=blogs&_r=0

Do you have the Meet the Press clip? I can't access it right now.

 

[Shanty]

I don't see inflation anywhere but history isn't over yet.

Speaking of cranks and inflation, where is that Meet the Press clip of Krugman saying the Fed should inflate the housing market?

He didn't say that at all. You're misinformed.
http://krugman.blogs.nytimes.com/2010/04/05/me-and-the-bubble/?_php=true&_type=blogs&_r=0

Do you have the Meet the Press clip? I can't access it right now.

Click the link, and it has a link to the 2002 post that everyone who is ignorant of what he said claims he said it. It shows he didn't, when taken in context.

 

[Shanty]

When Someone Says Paul Krugman Called for Greenspan to Create a Housing Bubble Back in 2002, They are Trying to Say That They are Either a Fool or a Liar | Beat the Press

 

[CrusaderFrank]

Paul "we need a housing bubble" Krugman

 

[Toro]

Not the article, the clip. I've seen it. I can't access YouTube at the moment.

If I'm wrong, I will happily say so. But I recall him saying the Fed should inflate the housing market as stimulus.

Note that I didn't say "Create a bubble."

 

[Dot Com]

I don't see inflation anywhere but history isn't over yet.

Speaking of cranks and inflation, where is that Meet the Press clip of Krugman saying the Fed should inflate the housing market?

 

[Dot Com]

Paul "we need a housing bubble" Krugman

that fail tactic won't work anymore [MENTION=2926]Toro[/MENTION] [MENTION=19448]CrusaderFrank[/MENTION]

When Someone Says Paul Krugman Called for Greenspan to Create a Housing Bubble Back in 2002, They are Trying to Say That They are Either a Fool or a Liar | Beat the Press

So let's cut the crap. There are plenty of places that right-wingers should be able to take issue with what Krugman says, but the story about him urging Greenspan to create a housing bubble in 2002 is complete nonsense. The people who repeat this line are either dishonest or too clueless to take seriously.

 

[Shanty]

Paul "we need a housing bubble" Krugman

Which only a fool or a liar would say.

 

[EdwardBaiamonte]

Paul "we need a housing bubble" Krugman

Which only a fool or a liar would say.

the we need a housing bubble comment is not as bad as the we need to pretend we are being invaded by space aliens comment. Krugman really does believe that war spending stimulates the economy!

 

[CrusaderFrank]

Paul "Let's fight the Space Alien Invasion" Krugman

 

[Shanty]

Paul "we need a housing bubble" Krugman

Which only a fool or a liar would say.

the we need a housing bubble comment is not as bad as the we need to pretend we are being invaded by space aliens comment. Krugman really does believe that war spending stimulates the economy!

Krugman believes it because it was proven when governments around the world ended their portion of the Great Depression from spending on war.

Now, he also said that it would be far better to spend money ending recessions by investing in infrastructure, education and R&D than war. The space alien statement was made because congress is often ridiculous, and needs an emergency to address issues, instead of addressing issues beore they become an emergency. So, hyping a fake alien invasion would be a way to get ridiculous war hawk (or is it chicken hawks like the Bush administration?) to act to spend to end the recession.

 

[Toro]

Paul "Let's fight the Space Alien Invasion" Krugman

He didn't really say that. You are quoting him out of context. He said "The Fed would have to create a Space Alien Invasion" to end the recession.

 

[TakeAStepBack]

Its like shooting fish in a barrel for him:

Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com

James Pethokoukis and Ramesh Ponnuru are frustrated. They’ve been trying to convert Republicans to market monetarism, but the right’s favorite intellectuals keep turning to cranks peddling conspiracy theories about inflation. Three years ago it was Niall Ferguson, citing a bogus source. Ferguson was widely ridiculed, by moderate conservatives as well as liberals — but here comes Amity Shlaes, making the same argument and citing the same source. The “reform conservatives” have made no headway at all.

discuss Austrian failure(s)...

Just a couple of things. First, where does Krugman discuss Austrian Scholars? You mean because he cites monetarists, and that Austrian scholars aren't fans of inflation? Is that what you have there?

And Krugman DID re-iterate PIMPCO calls for a housing bubble to replace the NASDAQ bubble.

 

[Dot Com]

I used to value Toro's opinion

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[boedicca]

Krugman is leaving Princeton in disgrace. Who cares what he has to say besides foaming at the mouth moonbats?