Paul Krugman speaks at National Press Club [6/6]

[tor1976]

Nobel Prizes in Economics aren't what they used to be I suppose. "We have magneto trouble... the economy is fundamentally sound."

Unreal. Buy gold. Hold on to your hat. The lunatics are running the asylum.

[semiliteratedgod]

so basically what he says is that economics is still a bullshit science and the most they can do is react afterwards to what's happening, so we need smart, cautious people at the wheel..

good talk

[AcolyteAbyss]

@semiliteratedgod If you have spent anytime reading Paul Krugman's blog, coloumn or his book, you'd quickly see that is not the case.

The way you prevent economic catastrophe, in the first place, is to have the proper regulations in place. Thus, we will not have to reduce to depression economics and what follows (e.g. deficit spending).

[Atom299]

You seem to have missed the economic fundamentals. As far as I know the US has been consuming more than it's been producing over the past 30 years or so.(about 70% consumption)

This is obviously unsustainable and is the real root of the current problem.

No amount of stimulus designed to increase consumption will help. Only measures that will increase production will be of any avail.

[nmbypmby34]

You know. If I were being honest. I would say it is likely there would be "civil unrest" becuase in bad economic times or even a "depression" people get very angery. I'm sorry some of what he claims not to know. HE KNOWS!!!