The Krugman Con
Gold’s biggest enemy is a brilliant Nobel Prize winning economist, university professor and columnist for the New York Times. Sadly, he is also a con man.
Last week Paul Krugman wrote a column for the New York Times in which he called Republican Paul Ryan, a “con man.” The Republican chairman of the House Ways and Means Committee’s sins, Krugman, a Nobel prize winning economist and a professor at City University of New York, argues, stem from a lack of detail in his budget plans, regarding proposed spending cuts and closed tax loopholes.
Calling a politician a con man is a bit like telling a pig farmer that he stinks. It’s practically part of the job description.
The claim is particularly rich, coming from Krugman, who in recent years has emerged as the de facto leader of a group of mainstream economists, whose advocacy of near unlimited government spending, borrowing and, most recently, money printing, will go down as one of history’s greatest cons.
Understanding how, what I call the “Krugman Con,” has been unfolding is crucial for precious metals advocates, because one of its core elements was the attempted elimination of the vital role played by gold. Indeed, the gold’s recent resurgence on the world stage is an indication that the con, is nearing its closing stages
Tax and spend. Borrow and spend. Print and spend.
Krugman’s sins, which relate to his advocacy of distortions of policies suggested by John Maynard Keynes, are arguably far worse than Ryan’s. As a university professor, Krugman has an obligation to be bound by a modicum of intellectual and academic rigor, rigor which is sadly absent in the advice he gives.
In his landmark work “The General Theory of Employment, Interest and Money,” Keynes recommended that governments, through their spending, ought to play a stabilizing role in the economy.
…click on the above link to read the rest of the article…
