In an historic dismantling, Economic Historian Niall Ferguson exposes once and for all the truth of progressive economist, Paul Krugman. We thought we’d share this dismemberment of the leading progressive voice of statist economics with our readers, one lovely part at a time. Sadly, this is the final installment of Krugman’s destruction at the hands of Niall Ferguson :
Much Bigger Than The Shutdown: Niall Ferguson’s Public Flogging Of Paul Krugman
- The Huffington Post reports, after the fact, that Paul Krugman Says He’s Not Responding to Niall Ferguson (But Kind of Does). Krugman’s plovers, of course, have recourse to their pathetic, characteristic, tactic in defense of their idol: snark. “Business Insider’s Josh Barro probably offers the best take because it includes a Lindsay Lohan reference: ‘Niall Ferguson will teach us the importance of humility! Presumably in the same manner that Lindsay Lohan can teach us the importance of sobriety.’”A fish, indeed, rots from the head.
This columnist, from a far smaller perch, and possessed of vastly less personal prestige, also, repeatedly, has called Krugman out. Last July, here, in If Paul Krugman Didn’t Exist, Republicans Would Have to Invent Him,
… Krugman ridiculed adversaries who anticipated inflation right before the Bureau of Labor Statistics reported that inflation has ticked up, if only for a month, to 0.5% — a worrisome 6% annualized rate. (Core remained at an unworrisome 0.2%, yet still it is a chilling gust….)
This blip does not disprove Krugman’s sanguine stance on inflation. It may yet prove, however, were further proof needed, that the Greeks were right: Nemesis inevitably follows hubris. Prof. Krugman might privately reflect on this … and on his own call, in 2002, that “Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”
Krugman, the record shows, was an accessory to the crime of the century: the creation of the housing bubble that produced the financial collapse. Krugman, conveniently, has forgotten.
But the record is indelible.
How about a bonus end to this? Krugman destroys a country!
This is from last year, but still- pretty impressive to destroy a whole country-
SUNDAY, JUNE 10, 2012
Cry for Argentina (They took Paul Krugman’s advice)Yesterday, I reported that the Argentine economy was on the verge of collapse.There is a huge flight of money out of the country and out of the Argentine peso and into the U.S. dollar. Price inflation in the country is around 25%.
I warned this would occur back in April:
Two women have taken control of Argentina’s central bank and are about to use it as if they are on a weekend shopping spree.
Paul Krugman, on the other hand, has been encouraging this mad money printing for some time. Hewrote last October:
Argentina was facing deflation; the trouble was that by pegging to the United States, which did not by any means dominate its trade, Argentina exposed itself to the fluctuations of the dollar (any perceived similarities to the problem of a gold standard are completely right)…
Oh yes, according to Krugman, everyone is suffering from deflation—although prices aren’t going down at the consumer level anywhere, certainly not in Argentina.Read the whole article- http://www.economicpolicyjournal.com/2012/06/cry-for-argentina-they-took-paul.html