Paul Krugman on Newsnight, 30 May 2012

Nobel laureate Paul Krugman takes down a fat cat Tory donor and a Tea Party Tory MP on BBC Newsnight, admonishing their austertity lust and cuts hunger.

• Category

  News & Politics

[Sam Foster]

Newsnight tests whether two uninformed idiots equal an informed economist. Turns out: no.

[Parris Koumouris]

Yep, Krugman is great at pointing out that these right wingers only care about the size of the state, and will exploit any opportunity to put in a facile argument about how less government is supposedly better.

[jjenson2006]

What proof do you want about inflation? That it was originally defined as an expansion of the money supply or that it is above 10%?

He already explained here why he won't debate.

watch?v=cV-ga1oKzC8

[jjenson2006]

Right or wrong, they call themselves Keynesians and are known as Keynesians. This is the way all those who claim to be Keynesians behave.

You have to understand something here. People in government are not angels. They are people just like you and me. They like money, just like you and me. They will do what better benefits themselves. Therefore, they will NEVER cut back on spending. Cutting back on spending is political suicide! You just cannot trust government with any kind of market control.

[ceejaywt]

Now about the sidestepping I'm sorry, I didn't see your comment below, unfortuantly I only had one inbox from you. I would say that they aren't true Keynesians.

[ceejaywt]

okay waste then I've been buying jeans today thats my excuse, yes my last comment wasn't my best. PLZ show your source for inflation. What I should have said is there are reasons for a debate and reasons not for a debate, he might be waiting for the donation to rise even higher.

[jjenson2006]

The word is waste, not waist. What have I sidestepped?

(real) Inflation is already above 10%. The CPI is not inflation (as the word originally was defined as an expansion of the money supply) and is no longer calculated the way it was before Clinton.

You first say why SHOULD he debate him and then you say he SHOULD because of the charity; you just answered your own question. He won't debate him, because it will mark the end of his career as he will not be able hide the truth from the public.

[pjamesbda]

CAFR..an interesting set of studies about "comprehensive annual financial reports" and what they do not show on both state and federal levels. The point being..are we REALLY broke? It turns out we aren't, in fact, the actual books indicated nothing of the sort. This austerity bugga-boo always occurs so the usury side of the system can de-leverage a debt saturated working class. When in power, and they want an excuse to war profiteer, or to line their own pockets there is always plenty of money.

[pjamesbda]

When consensus is concentrated it gets perverted. No escaping it. Generally, state control crushes initiative and is nearly as corrupt as the "free market", but in principal the idea of people pooling resources, rather that competing for them makes more sense. You think this process of cutting costs and increasing production are the engine that lifted us up. It a lie, that lifts 1 in a 1000, by pooling everyone else's efforts to be "the One". Very foolish...these Games..and gaming for success

[jjenson2006]

Why is Krugman afraid to debate Robert Murphy from the Austrian school? Murphy has funding for over $100K that will go directly to a food bank in NYC if he accepts a debate with Murphy. If Krugman never debates him, the food bank will never get the money. Google Krugmandebate

[jjenson2006]

What Keynes said and what the Keynesian's do are two very different things.

Giving the government the power to print money whenever the economy contracts and to shrink it whenever it expands is like giving a sex maniac a room full of nymphomaniacs and telling them to only fuck them on the weekends.

Money supply should never be allowed to grow because there is no incentive to shrink it. This is why government is so huge right now and why the deficits are exploding!