New York Times Breaking News: Superhero Paul Krugman Saves World from Imaginary Alien Invasion!

The Peter Schiff Show - (8/15/2011)
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If there were a Nobel Prize for stupidity Krugman would win it hands down.

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[johammbass]

How the fuck did Krugman get a Nobel prize? Wtf? He's a complete retard

[Redeye1524]

How the hell did we award an economic illiterate like Krugman the Nobel Prize? This is the same guy who said 911 was good for New York's Economy.

CLUELESS!

[YourFriend013]

@johammbass because that is the real point of Nobel prizes,crappy,isn`t it?

[TheManiacalSatanist6]

@spencejordan *Continued for the last time*

As for what model I use, I use the same model that Ludwig Von Mises used to predict the Great Depression, that Henry Hazlitt used to predict the downfall of the Breton Woods agreement, that every Austrian economist used to predict the 2008 collapse, that Murray Rothbard used to predict the economic turmoil of the disastrous policies of the Reagan administration *which was NOT free-market*, etc, etc.

[TheManiacalSatanist6]

@spencejordan "Again, you are implicitly suggesting that you are smarter than many Nobel Laureates"

Well, look at the people who got Nobel prizes. Paul Krugman got one, even though he has next to no respect in the macro-economic field. He said that 9/11 would be good for New York's economy. He said that we need to waste a bunch of resources repelling a fake alien attack in order to get fiscal stimulus. He said that the government should off-set the Tech Bubble with a Housing Bubble.

[spencejordan]

@TheManiacalSatanist6 Let's follow your path so far, shall we? You claim that the models I use, that Krugman uses, and that many investors use are poor representations of what actually happens. You then claim that your model 'tells it how it is,' even though, according to you, 70-80% of economists don't use it. Again, you are implicitly suggesting that you are smarter than many Nobel Laureates and many, many people who invest every day. You are not. I ask again, which model do you use?

[TheManiacalSatanist6]

@spencejordan "Which model? And why is this information not already known by the millions of Treasury investors?"

Because the model I use, and the model Peter Schiff uses, are vastly different than the model that someone who's trying to sell Treasuries would use. It's outside of the mainstream. It rails against roughly 70 - 80% of the common wisdom in today's economic circles. Macro-Economics is what is taught today. I use Micro-Economics.

[spencejordan]

@TheManiacalSatanist6 Which model? And why is this information not already known by the millions of Treasury investors? And in what way does the dollar being the reserve currency of the world impact our borrowing rates? If you look at borrowing rates for basically every developed country, they are all going down, and they follow the same trend.

[TheManiacalSatanist6]

@spencejordan The central problem with America is the fact that we aren't producing anything. 70% of our GDP is consumption that is fueled using borrowed money. We can't say that this is sound. No way. With fewer production jobs, the government gets less in taxes, and has to borrow the difference. One reason we can borrow so low is because the $ is the world's reserve currency, but once our lenders realize how insolvent the US really is, they're stop loaning and treasurys will tank.

[TheManiacalSatanist6]

@spencejordan "Honestly, if it was that simple, people would already have realized that"

No they wouldn't. Treasury investors are being sold a bill of toxic goods, and what's worse is the fact that they're buying it. The proof that treasurys will tank is all around in our economy. 70% of our GDP is consumption. What are we consuming? Mostly imported goods using borrowed money. If we aren't going to discipline our spending habits, it's only a matter of time before our lenders do. *Continued*

[TheManiacalSatanist6]

@spencejordan "Okay then. Using your nonexistent model,"

Nice try, but I didn't say that I didn't use a model. I said that I didn't use a model that's not based in reality (learn to read). I use a Micro-Economic model, an approach that looks at the economy starting from the individual and slowly works its way up the various branches of Social Cooperation. But it's not just government debt that's a Ponzi Scheme, our entire system of finance is a Ponzi Scheme.

*Continued*