The Problem with the "Expert"
...by "expert" I mean Paul Krugman. Here is a guy who is, essentially, the economic authority in
Now, what has Krugman said that perterbs me so? Well, honestly, its just that he was mentioned in an article and it got me thinking about it again, but soon enough I was back to fond memories of Krugman preaching how wonderful our economy is, how we need to offset the dot-com bubble with a housing bubble, how interest rates need to go lower and lower and government spending needs to go higher and higher. And while every “expert” on Wall Street, at the Fed, and on the Hill is crying the same thing (except Ron Paul of course) while simultaneously mocking legit economists like everyone at the Mises Institute, Peter Schiff, and, to some extent, Jim Rogers for their archaic outlook on economics.
Oh how the tides did turn, but, yet, instead of the status quo moving to sanity, in comes Krugman preaching the same exact stuff!! Lower interest rates, spend, print more money, bailout, OR WE'RE ALL GONNA DIE!!!!!
One of his greatest feats, however, is to basically get people to believe in a false history. He always preaches about the laissez faire style of Hoover and the damage it did to the economy during the Great Depression, but everytime he is called out on how absolutely wrong that thought is, he, almost like a reflex, just adds, “he did too little too late.” That's why its so hard to convince people that Keynesians are wrong...they have academic credibility already, for one, and they also just fall back on the “if spending doesn't work then spend more and more and more ad infinitum.”
This guy is nothing more than a well respected con-artist who doesn't realize he is a con-artist, by which I mean he can promote extreme falsehoods everyday and when they fail, as they always do, it was not his advice that was insufficient, but some mistake by the other party. He has been wrong on nearly everything, a great example of which is
Over the past decade
What baffles Krugman is how this failed miserably. Even as Japan nipped at the heels of “full employment,” interest rates were near zero, spending was running wild, and all the other Keynesian cures to the business cycle were being employed Japan still went nowhere.
And here we are. Another recession and more of the same old same old from Krugman. I don't think Krugman could ask for a more identical policy maker than Geithner and when healthcare finally blows over, they will have to answer for the failure they have had with the