Sunday, January 11, 2015

Krugstron the Invincible!

Krugstron the Invincible, Part 1

By Michael Schaus | Jan 11, 2015

Seriously… It must be pretty nice being a liberal. It’s not very often in life that being wrong can form the basis of a successful career. Take Paul Krugman…… “what can I write today to keep up the tradition of getting paid for spewing nonsense?”….to outline all the ways in which conservatives have been wrong over the years…….Krugman’s cartoonish attempt to paint conservatives as a bunch of habitually incompetent idiots was almost too rife with hypocrisy for it to be classified as anything but satire. Remember when Krugman argued that Europe’s debt crisis was not related to governments overspending on entitlements? Remember when he tried to say that deficits are the topics of science fiction? Or that government spending is not important to long-term fiscal sovereignty? What about when he claimed that Austerity in Europe was to blame for their woes, despite the fact that Austerity was never actually implemented?

The main point (and when I use that phrase, I actually mean it) is that the New York Times’ leftist shill has pretty much perfected the art of getting things dead wrong. The only true benefit of Krugman’s blindingly partisan hypocrisy is that it seems to foster creativity among the political left… After all, it’s not too easy coming up with all thespin that’s fit to print” for the New York Times each week…..To Read More…..

Krugtron the Invincible, Part 2, Posted: 10/09/2013 7:03 am EDT Updated: 01/23/2014 6:58 pm EST
As I pointed out yesterday, Paul Krugman's right to consign others to the "Always-Wrong Club" , and routinely to insult anyone who dares to disagree with him, is fatally vitiated by his own embarrassingly bad record of commentary on the European phase of the financial crisis. His repeated and erroneous predictions of the European Monetary Union's imminent collapse constitute a perfect example of what he and his cronies childishly call "derping": to "take a position and refuse to alter that position no matter how strongly the evidence refutes it, who continue to insist that they have The Truth despite being wrong again and again".

Regrettably, Krugman - also known to himself and his cronies as "the Invincible Krugtron" - has not found time in his busy schedule of blogging to make the apologies that I believe are due, not only for his incivility and hypocrisy, but also for his own personal contribution to the crisis of confidence that afflicted Europe in 2011 and 2012. Seldom in the history of the economics profession can one man in a crowded theater have shouted fire more often and more loudly, apparently indifferent to the real economic consequences of his actions……To Read More….

Krugtron the Invincible, Part 3, Posted: 10/10/2013 7:06 am EDT Updated: 12/10/2013 5:12 am EST

In my previous two articles, I have shown that Paul Krugman - revered by his acolytes as the Invincible Krugtron - failed to anticipate the financial crisis and wrongly predicted that the single European currency would fall victim to it. I have exploded his claim to intellectual invincibility. Very clearly, he has made at least twice as many major mistakes in his career as the mere two he has previously admitted to.   You may ask: Why have I taken the trouble to do this? I have three motives. The first is to illuminate the way the world really works, as opposed to the way Krugman and his beloved New Keynesian macroeconomic models say it works. The second is to assert the importance of humility and civility in public as well as academic discourse. And the third, frankly, is to teach him the meaning of the old Scottish regimental motto: nemo me impune lacessit ("No one attacks me with impunity")…..To Read More….

My Take - This article was written long before the Greeks elected a communist government.....and let's face it....."if something can't go on forever - it won't". I'm of the belief that Greece will leave the EU, and I’ve always been of the opinion the euro is doomed and the EU will follow.  But I wouldn't be so bold as to claim I know when. The drop in the price of energy will seemingly keep a bunch of these socialist governments afloat - except for the ones that are major oil and gas producers like Russia and Venezuela who have squandered the riches generated by the only assets they have that's worth anything because of their obscene levels of corruption and idiotic socialist economic policies. Thomas Sowell once observed – “Some ideas seem so plausible that they can fail nine times in a row and still be believed the tenth time. Other ideas seem so implausible that they can succeed nine times in a row and still not be believed the tenth time. Government controls in the economy are among the first kinds of ideas and the operation of a free market is among the second kinds of ideas.”  That's the difference between communism and capitalism. Oh... communism is merely one side of the socialist coin.  The other side is fascism - all failures.  That's history!  That history is incontestable!

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