Time to Rock Out Gold Bugs! Krugman: Most Economists, Including Nobel-Prize Winners, Are Idiots or Fools
A blast from the past to teach some basic Economics. Turn it Up and dance naked gold bugs!
Since it appears Fooldom hates Paul Krugman almost as much as me, I render another good post from George Washington Blog Spot:
Krugman: Most Economists, Including Nobel-Prize Winners, Are Idiots or Fools
Austrian economist Ludwig von Mises said:
"There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
Economist Hyman Minsky described a "Ponzi finance" system during prolonged expansions and economic booms. Misky said that speculative excesses create bubbles, triggering structural instability, then asset valuation collapse that turns euphoria to revulsion and market crashes. But modern economists ignore von Mises and Minsky's wisdom, and pretend that we can blow bubble after bubble, and cook up bigger and better Ponzi schemes, to ensure an economic recovery. Krugman does a reasonably good job of criticizing other economists, but does not admit that his brand of Keynesianism is worthless as well.
Read the rest here: