{"id":13941,"date":"2015-10-29T07:24:11","date_gmt":"2015-10-29T12:24:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13941"},"modified":"2015-10-29T07:24:11","modified_gmt":"2015-10-29T12:24:11","slug":"the-krugman-con","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13941","title":{"rendered":"The Krugman Con"},"content":{"rendered":"

The Krugman Con<\/a><\/h3>\n

Gold\u2019s 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.<\/em><\/p>\n

Last week Paul Krugman wrote a column for the New York Times in which he called Republican Paul Ryan, a \u201ccon man.\u201d The Republican chairman of the House Ways and Means Committee\u2019s 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.<\/p>\n

Calling a politician a con man is a bit like telling a pig farmer that he stinks. It\u2019s practically part of the job description.<\/p>\n

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\u2019s greatest cons.<\/p>\n

Understanding how, what I call the \u201cKrugman Con,\u201d 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\u2019s recent resurgence on the world stage is an indication that the con, is nearing its closing stages<\/p>\n

Tax and spend. Borrow and spend. Print and spend.<\/strong><\/p>\n

Krugman\u2019s sins, which relate to his advocacy of distortions of policies suggested by John Maynard Keynes, are arguably far worse than Ryan\u2019s. 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.<\/p>\n

In his landmark work \u201cThe General Theory of Employment, Interest and Money,\u201d Keynes recommended that governments, through their spending, ought to play a stabilizing role in the economy.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Krugman Con Gold\u2019s 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 \u201ccon man.\u201d The Republican chairman of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6236,1675,379,458,467,614,10338],"class_list":["post-13941","post","type-post","status-publish","format-standard","hentry","category-economics","tag-con","tag-economic-cycles","tag-government","tag-john-maynard-keynes","tag-keynesian-economics","tag-paul-krugman","tag-paul-ryan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13941"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13941\/revisions"}],"predecessor-version":[{"id":13942,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13941\/revisions\/13942"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}