Timothy Birdnow

Doesn't this dope ever get tired of being wrong?

Relax: Paul Krugman Is Predicting a Disastrous Recession

Krugman has been wrong every time he's made a prediction over the years. You can use him as an investment guide; if he says one thing do the other and you will prosper.

Krugman is a Keynsian (a thoroughly discredited economic model of demand-side economics) who only won the Nobel because of theoretical work he did. Frankly, the only reason he won the prize was because he was a New York Times columnist; the Nobel committee wanted to suck up to the Gray Old Lady.

Krugman won the prize in 2008 for a thesis he wrote in 1979 where he claimed that economies of scale mean that world trade is dominated by similar countries producing similar products. Well duh!

Those countries are producing lucrative items that other countries can't or won't. There is a reason why the countries making similar products are similar; they followed a free-market path that empowered enterpreneurs to actually make stuff, and this is the stuff people all over the world want. It's not exactly a revelation.

If Krugman's theory was so revolutionary why did it take almost forty years for the Nobel Committee to recognize his genius?

What was happening in '08 when he received the prize? Obama had just been elected. Remember, they also gave Barack Insane Obama (peace be upon him) the Nobel for doing - nothing. Just being elected.

Frankly if Krugman had any integrity at all he would return the prize as undeserved, especially given his multiple failures since.

You may remember Krugman predicted a major recession early in Trump's first term. It never materialized (aolthough it could be falsely argued the unemployment and lack of spending during the Covid Pandmenic was a kind of recession, but it had nothing to do with the economy and everything to do with Democrats shutting the economy down in their states.)

So I suggest everyone go all-in on the market now; invest now because we are going to see a big boom! (I'm not talking about Joe Biden before the Queen either; no underpants require changing, except maybe some liberals who are befouling theirs over the success of the Trump Administration.)

Posted by: Timothy Birdnow at 09:26 AM | No Comments | Add Comment
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