Krugman on the ropes

Like I expect most libertarians, Paul Krugman provokes a reaction in me similar to that of finding a cockroach on the end of my fork. There’s something deeply repellant in his passive/aggressive demeanour, his arrogant intellectual hubris and that malevolent light in his rodent-like eyes. Therefore I enjoyed this short video, which shows Spanish economist Pedro Schwartz taking him down a few pegs, and also his barely concealed fury at such impudence (@ 13:10).

The event was also notable for being the moment when Krugman found a new excuse for why he seemed to be calling for a housing bubble to replace the dot.com bubble back in 2002. Apparently he has now decided that he was only joking.

Also of interest is this clip from earlier in the year of Krug on Newsnight. If you can stand the first section, where anti-economist Keynes is lionised, the second section where two business people take issue with his views is good.

Amongst our guys, Bob Murphy is probably the most dogged opponent of the Keynesian Krug, who is still hiding from Murphy’s challenge to debate him, even though the money pledges, which would go to a New York charity if it takes place have reached $81,000.

  1 comment for “Krugman on the ropes

  1. Paul Marks
    Dec 3, 2012 at 12:08 pm

    The Keynesian “demand” fallacy is very much like a drunk demanding the “hair of the dog” or a junkie demanding “just one more fix”.

    As for Japan – they made the same mistake in the 1920s.

    I am not pointing at the 1929 bust – I am pointing out their response the bursting of the World War One credit money bubble in the early 1920s.

    The Japanese government refused to allow the banks to go bankrupt (just as they refused to allow it in 1992) and tried desperatly to prop up (“reflate”) the bubble.

    The Japanese economy staggered on without any real recovery (there could be no real recovery – as markets had not been allowed to clear). till it finally collapsed in 1927-8 (yes BEFORE the Wall Street Crash).

    The militarism in Japan in the 1930s was a desperate response to a political and economic system that just did not seem to work.

    The Western World is now Japan.

    Germany?

    Germany……..

    The German banks are already partly tied into the (utterly failed) Euro system – and the German government is to.

    The German people have been betrayed – by their government.

    It is tragic.

    And the IMF (and so on) act as is if they are part of the European Union – pushing for ever worse folly (“integration”).

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