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Monday, June 24, 2013

Fear of a grounded helicopter

Paul Krugman is feeling stabbed in the back by Ben Bernanke and his signals that the Fed is going to begin "tapering" the quantitative easing that is the only thing presently propping up the markets:
Lately, Fed officials have been issuing increasingly strong hints that rather than doing more, they want to do less, that they are eager to start “tapering,” returning to normal monetary policy....

So what do they think they’re doing? One answer might be that the Fed has quietly come to agree with critics who argue that its easy-money policies are having damaging side-effects, say by increasing the risk of bubbles. But I hope that’s not true, since whatever damage low rates may do is trivial compared with the damage higher rates, and the resulting rise in unemployment, would inflict. 

In any case, my guess is that what’s really happening is a bit different: Fed officials are, consciously or not, responding to political pressure. After all, ever since the Fed began its policy of aggressive monetary stimulus, it has faced angry accusations from the right that it is “debasing” the dollar and setting the stage for high inflation — accusations that haven’t been retracted even though the dollar has remained strong and inflation has remained low. It’s hard to avoid the suspicion that Fed officials, worn down by the constant attacks, have been looking for a reason to slacken their efforts, and have seized on slightly better economic news as an excuse....

It’s sad and depressing, in both senses of the word. The fundamental reason our economy is still depressed after all these years is that so many policy makers lost the thread, forgetting that job creation was their most urgent task. Until now the Fed was an exception; but now it seems to be joining the club. Et tu, Ben?
When I published The Return of the Great Depression back in 2009, many readers found it hard to believe that the Keynesians, and the Neo-Keynesians, paid absolutely no attention to debt.  But it is now 2013 and the leading Neo-Keynesian, the Nobel prizewinner, is STILL paying absolutely no attention to it despite the fact that the Fed's Z1 statistics quite clearly underline what the Fed has been doing and why it is going to stop doing it sooner or later.

It doesn't even make sense to claim that the reason the economy is depressed is because many policy makers forgot that job creation is their most urgent task.  What does that even mean? Government policy doesn't create productive wealth-producing jobs; the most it can do is create incentives to move such jobs from one place to another.

But that's a tangent to be explored another time.  For me, the most remarkable thing is that Bernanke is practically pointing to the giant credit pyramid and the leading lights of the mainstream media are STILL pretending that the vast, crumbling edifice is of no significance whatsoever... even as they openly express their concerns about the damaging effect of rising interest rates.  Krugman's position isn't merely wrong, it's entirely incoherent.

Labels:

110 Comments:

Blogger Nate June 24, 2013 9:13 AM  

Bernake once pointed to the sky.. and Krugman looked to the sky and was happy.

Bernake now points down... to the crumbling crumbling pillars that hold the sky up... but Krugman refuses to even look. He only laments that Bernake stopped pointing to the sky.

not only are there no cracks or crumbles.. there are no pillars in Krugam's world. There is only sky.

Anonymous Josh June 24, 2013 9:19 AM  

Maybe Bernanke is Krugman's very own personal sky daddy

Anonymous JartStar June 24, 2013 9:22 AM  

Ben's doing the right thing here and it will be interesting to see how far the market retracts as it prices in the changes.

Blogger JCclimber June 24, 2013 9:24 AM  

I used to vacillate between thinking Krugman was of barely room temperature IQ (room temperature in New Mexico at noon), and thinking that he was merely evil.

Now I figure, why not both?

I am still sometimes boggled that people cannot see things that seem so obvious to me and others who likewise are willing to accept the unpleasant truth.

Anonymous Joshi June 24, 2013 9:28 AM  

This isn't good for team whiskey Zulu

Blogger Nate June 24, 2013 9:29 AM  

"I used to vacillate between thinking Krugman was of barely room temperature IQ (room temperature in New Mexico at noon), and thinking that he was merely evil. "

You do realize that extremely smart people often are really wrong about things sometimes right? Especially if they have been mal-educated.

He need not be dumb.. or evil. He can just be wrong.

Blogger Nate June 24, 2013 9:30 AM  

"This isn't good for team whiskey Zulu"

How is this not good for Team Whiskey Zulu? Bernake says we might raise rates in 2015 and the market shits itself?

WZ is just fine sugar tits.

Blogger Serge_Tomiko June 24, 2013 9:34 AM  

What a ridiculous. Every government in the history of mankind that ruled more than a tribe has created scores of wealth producing jobs. Europe is littered with the wealth created thousands of years ago. Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life.

This is as it always has been, and is how it always will be.

No, the US is no exception to this. The "wealth creation" of the 19th century was dependent upon 1) military suppression and removal of natives and 2) government grants and protections for major capital improvements such as railroads, land grants for farmers, ports, etc.

You've got to stop reading the SciFi Vox. You're losing touch with reality.

Blogger Markku June 24, 2013 9:34 AM  

When you know the system will collapse no matter what, always choose the option that allows you to get paid for a few months more.

Anonymous Josh June 24, 2013 9:38 AM  

What a ridiculous. Every government in the history of mankind that ruled more than a tribe has created scores of wealth producing jobs. Europe is littered with the wealth created thousands of years ago. Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life.

Commie.

Wealth is economic surplus. How can a government create wealth when the government itself is a drain on economic surplus?

Blogger Nate June 24, 2013 9:39 AM  

" Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life. "

I CAN TYPING!!!!!

Anonymous Godfrey June 24, 2013 9:41 AM  

You're smarter than a Nobel prizewinner. But that isn't saying much because in this case almost everyone is.

Anonymous dh June 24, 2013 9:41 AM  

He need not be dumb.. or evil. He can just be wrong.

This is really interesting to hear from Nate. With Krugman, it's interesting because he almost certainly knows all the different positions on the spectrum.

Anonymous FUBAR Nation Ben June 24, 2013 9:41 AM  

Serge, how does taking money from one group in the form of taxes and redistributing it create wealth?

If I make $100 and you take $50 and hand it over to someone who didn't earn it, how is that a net improvement?

Anonymous Josh June 24, 2013 9:41 AM  

No, the US is no exception to this. The "wealth creation" of the 19th century was dependent upon 1) military suppression and removal of natives and 2) government grants and protections for major capital improvements such as railroads, land grants for farmers, ports, etc.

Wrong. If the government gives land to sometime and that land is not improved and made productive, what wealth is defeated?

Also, given the massive corruption and enormous failure rate of all government promoted transportation industries in the nineteenth century, you have no idea what you'retalking about

Blogger Nate June 24, 2013 9:43 AM  

" Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life. "


Ok Ok... lets re-word this in a simple way.. so Serge can understand exactly how stupid it is. This whole comment can be boiled down to four words:

You. Didn't. Build. That.

Anonymous Josh June 24, 2013 9:43 AM  

With Krugman, it's interesting because he almost certainly knows all the different positions on the spectrum.

No, he really doesn't. Every single attempt he's made to explain the Austrian school position on something has been ludicrously inaccurate.

Anonymous Salt June 24, 2013 9:43 AM  

Upon rising in the morning Der Krugster genuflects before his Nobel, secure in the aberration that it proclaims.

Blogger Nate June 24, 2013 9:45 AM  

"This is really interesting to hear from Nate. With Krugman, it's interesting because he almost certainly knows all the different positions on the spectrum."

I was talking about Bernake. Krugman is actually a horrible combination of dumb and evil.

Bernake doesn't strike me as either... he strikes as a horribly mal-educated man who's just doing his job. Its just that his job isn't what virtually everyone thinks it is.

Anonymous Conrad The Crazed June 24, 2013 9:45 AM  

Why doesn't Krudman the Ewok answer the simplest of questions:

If debt is of no significance, and the path to restored prosperity is through ever larger gubbermint infusions of 'money'....why don't Benny and the Inkjets simply print up enough moola to cut every american....nay every citizen of Earth....a check for $1 billion?

Seems to me that would cure alot of ills, per Krud-logic. Thus, why is this solution not considered by the wise Noble Price winner?

Blogger Nate June 24, 2013 9:46 AM  

" Every single attempt he's made to explain the Austrian school position on something has been ludicrously inaccurate."

He was just in Austria last year.

Anonymous VryeDenker June 24, 2013 9:48 AM  

I would argue that any economic model is viable in the long term so long as more money comes in than goes out.

Blogger Nate June 24, 2013 9:50 AM  

"If debt is of no significance, and the path to restored prosperity is through ever larger gubbermint infusions of 'money'....why don't Benny and the Inkjets simply print up enough moola to cut every american....nay every citizen of Earth....a check for $1 billion?"

Simpler than that. Just ask him to explain Zimbabwe. Keynesian explanations of inflation are so incoherent its hard to believe. They have about 4 different definitions of inflation... because they don't understand it. They don't understand it, because like debt, it doesn't actually make sense in their framework.

Anonymous allyn71 June 24, 2013 9:51 AM  

"I would argue that any economic model is viable in the long term so long as more money comes in than goes out" - VryeDenker June 24, 2013 9:48 AM

Money comes in from where and goes out where?

The issue is debt. Unfortunately for the cat lover and those that want to suspend reality. Debt does matter. Wishing it away doesn't make it go away.

Anonymous Godfrey June 24, 2013 9:53 AM  

@Serge_Tomiko June 24, 2013 9:34 AM "Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life."



No, civilization is entirely contingent upon private property, sound money and the rule of law.

Governments don't create wealth, they steal it. As long as it keeps its theft to a minimal level, civilization can continue despite it.




Anonymous Robert Kuok June 24, 2013 9:54 AM  

Mmmm, sugar tits. Brown or white?

Blogger Nate June 24, 2013 9:55 AM  

More of this idiotic idea that goverment's create money.

Morons.

Blogger Nate June 24, 2013 9:55 AM  

gah! More coffee...

Anonymous Stilicho June 24, 2013 10:05 AM  

I was talking about Bernake. Krugman is actually a horrible combination of dumb and evil.

Bernake doesn't strike me as either... he strikes as a horribly mal-educated man who's just doing his job. Its just that his job isn't what virtually everyone thinks it is.


Indeed. Ben is a fool, but an intelligent, well meaning fool who sees a problem and assumes he can avoid it. Krugman, as Josh pointed out, has repeatedly displayed his ignorance of economic theories other than his own.

dh, if you are looking for a leftist economist to spend time reading, Steve Keen is your best bet. I think most of his proposed solutions are just recycled socialist claptrap, but no one who reads his work can deny that he is intelligent and that he identifies the flaws in neo-classical and keynesian/neo-keynesian economic theory. Additionally, he has some very perceptive insights into the nature of fractional reserve banking and the debt/credit based system we currently have in place.

Anonymous JartStar June 24, 2013 10:11 AM  

Gold and silver are heading down too.

Anonymous Conrad The Crazed June 24, 2013 10:20 AM  

"Gold and silver are heading down too."

Probably some CB's working the paper-market so they can load up on additional physical metal. Try buying a silver eagle at your LCS for anything close to the current 'spot price'.

Still, for those of you who might be stackers, it might not be a bad idea to add a little bit more to the stash.

Blogger Jamie-R June 24, 2013 10:20 AM  

Debt can go a fair way before becoming a problem. Take that to a global level, takes longer. Manage it that way eases the pains of the 1930s, but expands it for a future generation to decipher. Nothing's changed.

Anonymous Josh June 24, 2013 10:22 AM  

Hey Serge...you gonna come back and defend your arguments?

Blogger Nate June 24, 2013 10:28 AM  

"Gold and silver are heading down too."

Strange isn't it...that "spot prices are going down" yet there is no gold or silver coins to be found?

nothing to see. move along.

Blogger Bob Wallace June 24, 2013 10:38 AM  

"What a ridiculous. Every government in the history of mankind that ruled more than a tribe has created scores of wealth producing jobs. Europe is littered with the wealth created thousands of years ago. Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life. "

CAN I HAZ BRAINZ?

Anonymous Toby Temple June 24, 2013 10:38 AM  

Robert Kuok: Mmmm, sugar tits. Brown or white?

Nate: gah! More coffee..

Black was not suppose to be one of the options there, you racist sonofa!!!

Anonymous VD June 24, 2013 10:42 AM  

With Krugman, it's interesting because he almost certainly knows all the different positions on the spectrum.

He doesn't. I suggest you read my criticism of his attempt - and it is a badly failed one - to address Austrian economic theory. It's not QUITE as bad as the guy who couldn't figure out why the economy of a small European country was so important, but it's pretty clueless.

He quite clearly hasn't read any Mises or Rothbard, and very little Hayek or Schumpeter... and while Schumpeter is Austrian he is not AUSTRIAN.

Anonymous VD June 24, 2013 10:47 AM  

You've got to stop reading the SciFi Vox. You're losing touch with reality.

Sorry, Serge. You had your chances. After kicking your ass so badly last time, I don't see any need to do it again. You remember, the time you genuinely couldn't tell that the numbers I was using were the same as THE VERY FEDERAL RESERVE CHART YOU CITED TO CRITICIZE THEM.

I don't waste time refuting economic illiterates and there are no shortage of people here capable of kicking you around.

Anonymous JartStar June 24, 2013 10:47 AM  

Strange isn't it...that "spot prices are going down" yet there is no gold or silver coins to be found?

nothing to see. move along.


It could mean a number of things including that PMs were in a bubble and so everyone snapped up the physical, and now that the prices are plummeting we will soon see the market flooded as people dump them. I don't think that's likely, but it's possible.

OpenID 972989a8-d210-11e2-ac4d-000bcdcb8a73 June 24, 2013 10:48 AM  

"Strange isn't it...that "spot prices are going down" yet there is no gold or silver coins to be found?"

Um...strangely, I "found" fractional (less than 100 oz.)gold coins available (physical possesion) at 5% over spot.
Of course, mindful that Mr. B can't recognize hard commodities, and their timeline next to the "theories" he champions, the number of dollars it take to buy (ie)an ounce of a "world" commodity (i.e.)like gold, vs. "credit", has been dropping steadily since.

CaptDMO


Anonymous Josh June 24, 2013 10:49 AM  

How is this not good for Team Whiskey Zulu? Bernake says we might raise rates in 2015 and the market shits itself?

WZ is just fine sugar tits.


Because team WZ needs the Fed to continue its expansionary policies.

Bernanke indicates this might not happen.

Anonymous Porky June 24, 2013 10:51 AM  

Indeed. Ben is a fool.

Nope. Knows exactly what he's doing.

Krugman is actually a horrible combination of dumb and evil.

Nope. Knows exactly what he's doing.

Bernake strikes as a horribly mal-educated man who's just doing his job.

Nope. He knows exactly what he's doing.

Its just that his job isn't what virtually everyone thinks it is.

His job... is to pave the way for neofeudalism. He's been very, very, very successful.

It's actually pretty amazing what these guys were able to accomplish in just over a century. They've pretty much almost plundered the entire wealth of the world through a kind of 'economic terraforming'. It's sheer ruthless genius both in concept and in execution.

Yet you serfs will always sit around the watering trough bantering about how dumb are the Lords of the Manor.

Anonymous Daniel June 24, 2013 10:52 AM  

Similar in style but OT dissonance: Canadian gun-fear-fetish celebrity disavows his upcoming violent movie wherein...he plays a born again Christian who refuses to use guns.

I lost count after the fourth contradiction.

Incoherence is spreading. No wonder zombies are so popular. They are a symptom of cultural narcissism.

Anonymous Porky June 24, 2013 10:54 AM  

yet there is no gold or silver coins to be found?

No problems here.

Anonymous FUBAR Nation Ben June 24, 2013 10:54 AM  

Serge, we barely knew ya.

Anonymous Huckleberry - est. 1977 June 24, 2013 10:59 AM  

"I used to vacillate between thinking Krugman was of barely room temperature IQ (room temperature in New Mexico at noon), and thinking that he was merely evil."

The dumb can be convinced of anything.
The exceptionally bright can convince themselves of anything.
Those of average intelligence hold no convictions at all beyond the wisdom of current consensus on a given issue.
I'll leave it to you to parse out where the Krugster sits in that paradigm...

Blogger Nate June 24, 2013 11:02 AM  

Porky.... You're an idiot.

Blogger Nate June 24, 2013 11:03 AM  

"Um...strangely, I "found" fractional (less than 100 oz.)gold coins available (physical possesion) at 5% over spot. "

Where?

Anonymous Mr. Nightstick June 24, 2013 11:05 AM  

As of right this second, all the Gold and Silver dealers I use in CA are well stocked and have regular sized premiums.

Blogger Nate June 24, 2013 11:06 AM  

For how much over spot Mr Nightstick?

Anonymous Mr. Nightstick June 24, 2013 11:24 AM  

Silver Eagles for $23.24 and Gold for $1,339.79

Anonymous Noah B. June 24, 2013 11:24 AM  

"Bernanke indicates this might not happen."

Hasn't he lied about pretty much everything during his tenure at the Fed? Why start believing him now?

Anonymous Mr. Nightstick June 24, 2013 11:26 AM  

Silver is 3.55 and Gold is 55 over ask.

Anonymous Josh June 24, 2013 11:28 AM  

Hasn't he lied about pretty much everything during his tenure at the Fed? Why start believing him now?

My theory is that you have much more disagreement amongst the twelve Fed presidents than you did five or six years ago, and what Bernanke is saying reflects that.

Anonymous The other skeptic June 24, 2013 11:30 AM  

What a ridiculous. Every government in the history of mankind that ruled more than a tribe has created scores of wealth producing jobs. Europe is littered with the wealth created thousands of years ago. Civilization is entirely contingent upon powerful governments coordinating wealth creating jobs in the form of capital improvements, with payment to said workers working its way through the rest of the economy that produces the necessities of day to day life.

This is one of the unintended consequences of modern technology.

Morons find it easier to spout their nonsense.

Anonymous Noah B. June 24, 2013 11:31 AM  

Certainly that's a possibility, Josh. My theory is that the Fed has no choice but to create more money, and they're terrified that knowledge of this will become widespread. But they have no intention, and no meaningful ability, to do anything differently than they've done over the last 5 years.

Anonymous Thales June 24, 2013 11:32 AM  

Well, gotta run out of other people's money at some point...

Blogger Nate June 24, 2013 11:36 AM  

"Silver Eagles for $23.24 and Gold for $1,339.79"

I suppose its possible that people in California are just dumber.. and thus buy less gold and silver.

Anonymous Josh June 24, 2013 11:37 AM  

My theory is that the Fed has no choice but to create more money, and they're terrified that knowledge of this will become widespread. But they have no intention, and no meaningful ability, to do anything differently than they've done over the last 5 years.

Here's a big problem with assuming they're going to continue to create money forever. The Fed can only do this as long as they're making a profit. In several years, they will be losing money.

The prime directive at the Fed is not to stimulate the economy or manage inflation. It is to protect the Fed.

Anonymous Porky June 24, 2013 11:38 AM  

Nate... you're a fat drunk.

Anonymous RINO June 24, 2013 11:39 AM  

I suppose its possible that people in California are just dumber.. and thus buy less gold and silver.

Why buy gold and silver when you can steal copper?

Anonymous Noah B. June 24, 2013 11:43 AM  

"The Fed can only do this as long as they're making a profit."

I don't see why this would present an impediment to the Fed. When the Fed makes a profit, the money is handed over to the US Treasury. If they have a loss, they can always reflate their balance sheet. It's good to be king.

Anonymous Josh June 24, 2013 11:44 AM  

Nate vs Porky, Round ?

Anonymous Mr. Nightstick June 24, 2013 11:44 AM  

"I suppose its possible that people in California are just dumber.. and thus buy less gold and silver."

This may be true. Most of the folks waiting in line with me are Indians.

Anonymous zen0 June 24, 2013 12:00 PM  

@ Jartstar Ben's doing the right thing here and it will be interesting to see how far the market retracts as it prices in the changes.

After a certain point, there is no right thing to do anymore. That point was reached long ago.

Anonymous Porky June 24, 2013 12:04 PM  

All coin retailers have access to the same wholesalers. If your shop doesn't have PM's he probably doesn't have enough cash, customers, or credit to meet the minimum purchase order. The most I've had to wait for delivery is 5 days.

Or he could just be fat, drunk, lazy and stupid. Which state did you say you live again?

Anonymous Noah B. June 24, 2013 12:09 PM  

There are dealers out there who consistently ask far more than their merchandise than it can be bought for elsewhere. This is just as true of PM's as any other market.

Anonymous Noah B. June 24, 2013 12:10 PM  

That should have read, "...ask far more for their merchandise..."

Anonymous civilServant June 24, 2013 12:16 PM  

... they are eager to start “tapering,” returning to normal monetary policy....

"... first by inflation and then by deflation ...."

Anonymous Josh June 24, 2013 12:20 PM  

Nate... you're a fat drunk.

Impressive argument

Anonymous FUBAR Nation Ben June 24, 2013 12:22 PM  

The Fed does not control interest rates or the money supply in its entirety (capital flows from Europe and Japan into the US stock market are pushing up the money supply).

Rates are going to rise which will push up price inflation and many different assets. Then will come the next recession.

Ben is leaving at a good time because the way things are going he'll be gone before the next recession.

Anonymous civilServant June 24, 2013 12:26 PM  

You. Didn't. Build. That.

You. Didn't. Build. That. Alone.

Blogger Nate June 24, 2013 12:29 PM  

5'9 - 179

I could stand to lose a few pounds.


None of this changes the fact that Porky is a blithering idiot.

Anonymous Porky June 24, 2013 12:32 PM  

Josh... you're just a brown-nosed turd-licking sycophant.

However... you could level a similar criticism to your pal's "you're an idiot" comment and prove to everyone how wrong I am.

But that's not going to happen, is it?

No, I didn't think so.


Anonymous Josh June 24, 2013 12:34 PM  

Since you didn't answer the drunk assertion, we shall go on assuming you are inebriated.

Anonymous Josh June 24, 2013 12:37 PM  

Josh... you're just a brown-nosed turd-licking sycophant.

Lawdy, lawdy, where ever is mine faintin couch? I declare that the vapors are just so strong right now! What ever am I to do?

However... you could level a similar criticism to your pal's "you're an idiot" comment and prove to everyone how wrong I am.But that's not going to happen, is it?No, I didn't think so.

Your assertion was what, that Krugman and Bernanke are some evil team of super genius villains with a devious master plan to impose neofeudalism?

Anonymous Porky June 24, 2013 12:38 PM  

None of this changes the fact that Porky is a blithering idiot.

Fatty McDrunky.... do you have an actual argument about why you think I'm wrong about neofeudalism and the purposeful intent behind it?



Anonymous John Regan June 24, 2013 12:39 PM  

All I can say is, well, what I've said:

http://strikelawyer.wordpress.com/2013/06/24/rock-and-a-hard-place/

I don't think it matters whether interest rates are low or high, or rising or falling. That's not the issue, though either poses serious problems for the banks.

Anonymous Porky June 24, 2013 12:42 PM  

Your assertion was what, that Krugman and Bernanke are some evil team of super genius villains with a devious master plan to impose neofeudalism?

They are likely geniuses, and they are evil, and they are on the same team, and they are working under a devious master plan.

But with that said, they are only the ones carrying the water for the Lords of the Manor.

Anonymous Josh June 24, 2013 12:43 PM  

Indeed. Ben is a fool.Nope. Knows exactly what he's doing.Krugman is actually a horrible combination of dumb and evil.Nope. Knows exactly what he's doing.Bernake strikes as a horribly mal-educated man who's just doing his job.Nope. He knows exactly what he's doing.Its just that his job isn't what virtually everyone thinks it is.His job... is to pave the way for neofeudalism. He's been very, very, very successful.

So you say that Krugman is neither dumb nor evil.

You also say that Bernanke is not a fool, is not maleducated, and is not doing his job. But then you say that his job is to pave the way for feudalism, and he's been very successful at it.

So is Bernanke doing his job or not doing his job,because you've said that he is both doing it and not doing it?

Anonymous Josh June 24, 2013 12:44 PM  

They are likely geniuses, and they are evil, and they are on the same team, and they are working under a devious master plan.

But you said earlier that Krugman was not evil.

So which is it? Is he evil or not evil?

Blogger Nate June 24, 2013 12:47 PM  

"Fatty McDrunky.... do you have an actual argument about why you think I'm wrong about neofeudalism and the purposeful intent behind it? "

I don't give a damn about your argument for neo feudalism until you can make it without contradicting yourself.

Blogger Nate June 24, 2013 12:49 PM  

Also... the fact that you can't tell the difference between a naked assertion and an argument further evidences my point that you're a moron.

Anonymous TJ June 24, 2013 12:50 PM  

I've wondered recently if one of the reasons (besides an eventual end run around the Constitution in a couple of decades) of the big bi-party push for immigration was so the bankers could re-inflate by passing on debt to our newest citizens via credit cards and loans.

40M new citizens x average credit debit of $10,000 = $400Billion

Anonymous Josh June 24, 2013 12:50 PM  

If you're going to insult Nate, Shorty McGinger the Greek is a much better insult than Fatty NcDrunky

Anonymous VD June 24, 2013 12:51 PM  

You. Didn't. Build. That. Alone.

Irrelevant. The running back doesn't score the touchdown without help... and yet he, and he alone, scores the touchdown. Without him, the touchdown is not scored.

Blogger Nate June 24, 2013 12:53 PM  

"If you're going to insult Nate, Shorty McGinger the Greek is a much better insult than Fatty NcDrunky"

Just remember... you're all a bunch savages. My people were formulating Western Civilization while you people were still painting your bottoms blue and eating each other.

Anonymous FUBAR Nation Ben June 24, 2013 12:53 PM  

OT: http://lifehacker.com/5965703/the-science-of-storytelling-why-telling-a-story-is-the-most-powerful-way-to-activate-our-brains

Anonymous Josh June 24, 2013 12:54 PM  

Irrelevant. The running back doesn't score the touchdown without help... and yet he, and he alone, scores the touchdown. Without him, the touchdown is not scored.

/insert rant about how traditional football statistics are woefully inadequate for describing both the value and repeatability of plays

Anonymous Josh June 24, 2013 12:55 PM  

My people were formulating Western Civilization while you people were still painting your bottoms blue and eating each other.

They were also institutionalizing the raping little boys. The Penn state of antiquity

Blogger Nate June 24, 2013 12:56 PM  

"/insert rant about how traditional football statistics are woefully inadequate for describing both the value and repeatability of plays"

*** insert rant about how Football Outsiders aren't nearly as smart as they think they are. ***

Anonymous RINO June 24, 2013 1:08 PM  

I think you've all lost focus towards what is important here.

Porky has made a very serious accusation.


Both Nate and Porky should disclose their BMI/BF% numbers so that we may 1) determine if the accusation of fatness has any merit and 2) find out if Porky has any right to use that insult in the first place. His alias suggests no.

Anonymous E. PERLINE June 24, 2013 1:12 PM  

The Fed is a genius at fooling its prey, even most economists. I says it contributes 85 billion dollars a month into our economy. It doeas this by buying our "bonds."

Ou bonds are merely IOUs to them. And where do they get that money? It prints it or stores it in the clouds. In the meanwhile we must pay them interest on those bonds.

The Fed knows this causes inflation and is spooked about continuing the racket. Men, if you don't think we have inflation, ask your wives or girl friends. They deal with the markets regularly. I mean the real markets, the supermarkets.

Anonymous Josh June 24, 2013 1:14 PM  

Both Nate and Porky should disclose their BMI/BF% numbers

Nate's BMI is 26.4

But BMI is a pretty stupid tool for someone who does any weightlifting

Anonymous Porky June 24, 2013 1:18 PM  

I don't give a damn about your argument for neo feudalism until you can make it without contradicting yourself.

I haven't made an argument, Fatty McDrunky.

You're hilarious. Bigfoot? Sure! 911 Truthers? Absolutely! Moon Landings? Conspiracy!

But the idea that intellectual elites might be involved with the New World Order? Naw, that's idiot talk!

Blogger James Dixon June 24, 2013 1:25 PM  

> Rates are going to rise which will push up price inflation and many different assets.

Since when do rising interest rates push up price inflation?

Anonymous Josh June 24, 2013 1:39 PM  

But the idea that intellectual elites might be involved with the New World Order? Naw, that's idiot talk!

You can be an idiot and still be correct about something. Did Nate say that intellectual elites and the NWO was idiot talk?

Blogger Nate June 24, 2013 1:45 PM  

"You're hilarious. Bigfoot? Sure! 911 Truthers? Absolutely! Moon Landings? Conspiracy!

But the idea that intellectual elites might be involved with the New World Order? Naw, that's idiot talk!"

I'm not saying you're stupid because you're wrong you idiot. I'm just saying you're an idiot.

We actually happen to agree on neo-feudalism... and if you paid attention at all you know that not only do I agree... I am actually COUNTING ON IT.

It is part of my own prepping.

Anonymous Noah B. June 24, 2013 2:09 PM  

Very uplifting article on Zero Hedge about how completely screwed we all are.

Italy looks like it was a good choice. Not a bad place to live with only primitive technology.

Anonymous Porky June 24, 2013 3:08 PM  

I'm not saying you're stupid because you're wrong you idiot. I'm just saying you're an idiot.

Oh. So you're just anklebiting.

Carry on, then.

Anonymous Josh June 24, 2013 3:16 PM  

Oh. So you're just anklebiting.

And yet your comments on this thread began with several replies to what Nate had said...

Anonymous Porky June 24, 2013 3:28 PM  

And yet your comments on this thread began with several replies to what Nate had said...

Yes, Browny - thoughtful replies to several commenters including Fatty McDrunkopolous.

Anonymous Noah B. June 24, 2013 3:35 PM  

Gentlemen, there's no fighting in here! This is the war room!

Anonymous Cederq June 24, 2013 4:00 PM  

I would paint my butt blue (I am part swede and irish)and eat feministx, her blog pics were kinda hot, didn't see the face, nothing a bag wouldn't cure...

Anonymous civilServant June 24, 2013 5:47 PM  

You. Didn't. Build. That. Alone.

Irrelevant. The running back doesn't score the touchdown without help... and yet he, and he alone, scores the touchdown.


I believe running backs would see themselves as part of a team effort and would never say, "I, and I alone, scored the touchdown."

http://www.youtube.com/watch?v=QHH9EYZHoVU

Anonymous Noah B. June 24, 2013 5:54 PM  

Apparently you don't grasp the meaning of "individual achievement," do you civil?

Anonymous Augustina June 24, 2013 7:26 PM  

Economics explained: you can't get something for nothing.

Even evil geniuses can't overcome physics.

Anonymous Godfrey June 24, 2013 8:19 PM  

@civilServant June 24, 2013 12:26 PM
"You. Didn't. Build. That. Alone."



Sometimes true, if an entrepreneur requires assistance he usually hires help or offers a portion of the potential return to a junior partner.

Anonymous Godfrey June 24, 2013 8:23 PM  

@civilServant June 24, 2013 12:26 PM
"You. Didn't. Build. That. Alone."



Often true regarding large corporate monopolies. The government helps corporations build large corporate monopolies.

Anonymous Conservative Language Institute of America June 25, 2013 5:26 AM  

Miserable a**holes like Krugman and Bernanke force us to pay interest from our real hard-earned labors on fake money created out of thin air by the Fed.

Corporatism at the top, and socialism at the bottom, aided and abetted by lying, leftist, malignant narcissistic scum like Obama... welcome to the brave new world of the USSA.

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