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Liberal Economist Paul Krugman Says Economy Is ‘Incredibly Awful’ Under Obama

June 12, 2012 by  

Liberal Economist Paul Krugman Says Economy Is ‘Incredibly Awful’ Under Obama
UPI FILE
Nobel Prize winner Paul Krugman believes our current situation is similar to that of the Great Depression.

Liberal Keynesian economist Paul Krugman said during a recent speech that the economy under President Barack Obama is “incredibly awful.”

Krugman is a staunch believer that big-government policy and economic stimulus will reverse the situation. The economist is well-known for his many awards in the field and his print-more-money-no-matter-what philosophy.

During a keynote at Netroots Nation, a group that says its events should be thought of “as a giant family reunion for the left,” Krugman compared the current economic times to that of the Great Depression.

“It was obviously horrible. And so it is again today,” he noted.

“It’s not as bad as the Great Depression — there’s a winning slogan,” he said tongue-in-cheek. “Not as bad as the Great Depression, but it’s incredibly awful.”

In the midst of his analysis, Krugman found an opportunity to criticize Republican Mitt Romney. Krugman told the audience that if they did not know someone who was suffering they “must be a member of the Romney clan or something.”

In April, Ron Paul debated Krugman on economic policy on Bloomberg TV.

“You want them to print more money faster,” Paul said during the discussion.

“Well, of course I do,” answered Krugman.

Bryan Nash

Staff writer Bryan Nash has devoted much of his life to searching for the truth behind the lies that the masses never question. He is currently pursuing a Master's of Divinity and is the author of The Messiah's Misfits, Things Unseen and The Backpack Guide to Surviving the University. He has also been a regular contributor to the magazine Biblical Insights.

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  • Warrior

    Is it just me or every time paul or nan or blabbermouth or broken axel-rod get face time, I get creeped out. Put together a montage of progressives and these buffoons are the centerpiece.

    • Ken

      Naaaaah Warrior, your far from alone…….these people skeeve everyone else out (me included!)….

      Would you trust this man watch YOUR children?!

    • carrobin

      Paul Krugman is one of the smartest people on the planet, and he’s been right about just about everything he’s predicted over the past ten years. The Europeans are doing exactly what he’s been saying they shouldn’t do, and they’re in the pits. The economy can’t turn around until the middle class can afford to buy consumer goods, and companies won’t hire more people until they can sell more goods, and the state and local governments are cutting back on employees like policemen, firemen, and teachers–which is why unemployment is still so high. Krugman warned of all this years before the housing bubble burst, and nobody listened. And now they resist doing what needs to be done. The guy should be president.

      • Average Joe

        “Krugman warned of all this years before the housing bubble burst, and nobody listened.’

        Excuse me while I correct that statement…Paul Krugman didn’t even see the housing bubble comming, nor did any of the other Keyensian “economists(?)”.
        As far as Krugman was concerned, everything was just hunky dory until the day the bottom fell out.
        Krugman says printing money is the answer to our problems…we just haven’t printed enough of it….but he can’t seem to tell us what “enough” is…should we stop when we hit a gazillion? Maybe 2 gazillion? (printing money dilutes the currency in circulation….devaluing it)….
        Seems Krugman has all of the answers….except the ones that actually matter…..SOUND CURRENCY….REDUCED GOVERNMENT SPENDING….and …THE END OF THE WELFARE /WARFARE/ NANNY STATE.
        Wise up and start reading Autrian Economic theory rather than (utopian) Keyensian theory….you can’t borrow your way out of debt…no matter how hard you try…..it is an impossibilty…end of story.

      • al

        I sincerely hope no one takes you post seriously. Printing more money and hiring more government workers is not the way to get out of a recession. FDR and JMK tried this for ten years and finally WWII intervened and we got out of the depression.
        Contrary to the theories of the Progressive Economist Group, just once we should try letting the free market work it’s magic without the choke hold of the government. Maybe we would all be surprised at the success of what would happen.
        Krugman for President – Get Real.

      • Average Joe

        I appologize for any misspellings…My glasses are broken….so I am doing the old hunt and peck methothd (on a blurry screen) while I await new glasses…..

      • GALT

        fascinating al……now all you have to do is explain why the national debt, which was 100% plus per cent of GDP in 1946, didn’t seem to be a problem……especially since keynesin economics was the operating economic theory……….???????

      • Paul B.

        GALT… that WAS THE PROBLEM!!!! Why do you think it took over 10 years to recover. FDR used all the wrong tactics to fix it and finally, suffocating itself, the economy and Americans, with the eventual help of WWI, basically fought their own way out of the depression, one job and tiny steps at a time, despite the oppressive regulation and control from DC.

        No GALT, it wasn’t fine then, and it is even worse now because we should have learned a lesson the Lib/Progressives should have learned, but blinded with ideology, they actually think their policies are what helped. Fools… all of them.

      • Doug

        You truly believe government is cutting back? I am on the board of our town and the staff still pushes for more people when we don’t have enough to keep the ones we have busy. Also, I have spoken to many board members from surrounding communities and though they’ve cut back none have let ANY fire or police go. It is obvious to me that you have no information from the inside workings of government.

      • ChristyK

        Paul B, you are almost right. FDRs overspending and government regulations were the cause of the length and depth of the depression. It wasn’t the war, however that took us out. Dropping the atomic bomb while congress was out of session was what saved us. The war ended so fast that the congress wasn’t able to “ramp up spending to prevent unemployment”. Instead, federal spending was cut by more than 50% during the 3 years following WWII. A small cut work so they cut more and more and we spent a couple of decades with unemployment in ~4% and a booming economy. If we would massively cut spending and reduce regulation, the economy would take off again.

      • GALT

        Well Paul you can say it all you like…..but you can’t blame Keynes for the depression, and the federal debt was on it’s way to extinction in 1998……..or did you miss that prediction….with Greenspan clucking in the backround……..

      • momo

        The guy should be president.

        I wouldn’t let Krugman run an outhouse.

    • Don

      How did that fool get a Nobel Prize? Oh, the same way Obama got his.

      • GALT

        Well there is no Nobel prize for economics, although there is a prize from the national bank of Sweden, which is announced on the same day……might you be speaking of that prize? No wonder you all seem to believe in things that are not true?

  • Ken

    I can’t wait to hear what the “libertards” have to say on “how GREAT Barry’s been!” and “how he rescued the economy from certain demise!”

    • rb

      “libtards” still blame Bush. It can’t be the chosen one.

      • al

        Bush was no Conservative to be sure, and the whole family is pro NWO, but GW did have a tough road to travel in his two terms. First he stepped into a recession, then 9-11 and Afgan then Iraq, while in the background the housing finance problem, created by the CRA of Carter and made worse by Clintom and Rubin, as they roped the Banks into the same mess that destroyed the Savings and Loan Industry under Reagan and HWB, kept becoming a bigger and bigger problem, until it ended up sinking the Repub party. And finallyput us exactly where we are today.
        Even though Obama and Acorn were major players in creating this whole mess, Obama does not have a clue how to solve the issue that the Democrats have created starting with FDR and his Federal Home Loans programs for this is the basis of the CRA of Carter.
        Funny how the past sooner or later catches up with the present…..

    • Steve E

      I believe the fault goes to the people who elected these buffoons who got us in this mess. The people I voted for never get elected so it’s not at all my fault.

  • jopa

    Yes the economy is terrible, but can you imagine how deep of a depression we would be in if Bush was still in office.We would be like Spain, Portugal, Ireland and Greece.Thank goodness we have a man like Obama in charge.We are not out of the woods but we are at least heading in the right direction.If Romney were to win you would see the same old Bush BS with Rove and company running the show again for another American tragedy.It is people like Romney that are the main reason the USA and the other countries around the world are so close to financial ruin with there immorral business tactics to rob the middle class of any future.

    • Congress Works For Us

      You are either (a) a troll, or (b) incredibly stupid.

      We are only in this mess because we stupidly gave control of Congress to the Democrats in 2006. We were fine until that point.

      We only started to turn around because giving GOP control of the house in 2010 which stoppd the reckless irresponsible spending.

      Now, in Europe, they didn’t stop the reckless irresponsible spending. They STILL HAVEN’T stopped it, which is why they are still utterly screwed.

      What you don’t understand is that we the people don’t care that Obama “inherited a mess”. We care that he is incompetent and has no plan to fix it, and that is what will cost him re-election in November, and why Romney will win. That’s the main reason Carter (who was “popular” like Obama) lost to Reagan. He couldn’t fix the economy, and people viewed his policies as damaging it ever further. It’s also why Clinton, Reagan and Bush all won reelection.

      Face facts: James Carville was right: It’s the economy!

    • rb

      See Ken; I told you so.

      • Ken

        Yeah man, I know, I know, I know! (a guy’s gotta give it his best shot!) ; )

    • al

      Contrary to your post, if Bush was still in office you can bet that all of the Billions of Dollars that were wasted on Democratic projects that had zero chance of success would not have been funded. Also the Oil Disaster on the Gulf would not have happened. Nor would we have ever stopped drilling for Oil and Gas, nor would the XL pipeline have been stopped and Obama would still be just a Communist in the Illinois Senate. And we would not be headed into bankruptcy at a thousand miles an hour.
      Bush at least understood that if the economy is slowing down you cut taxes and let the market invest in the capital infrastructure of the Nation and you do not increase welfare and give aways to non productive people. How do you think he propped up the economy for his entire terms in office as he prosecuted the two war fronts?
      Wake up, Freedom is not Free and Bush did a good job of keeping the Nation together with what he had to work with. You will notice that things did not start tipping over until he was saddled with a Democratic Congress in 06. and still he held the line till 07.

      • GALT

        take the blue pill, al……

  • BJ.Holmes

    Because Obummer knows nothing about leading, he has a list of others he can blame for his failures. But he isn’t a failure regarding his desire to destroy America. He should be required to estimate how long it will be before he can be his “own man” to serve as president and not refer to the obstacles he faces. If he and his fans would all go back to Kenya, they could apply their trade to people who need him. WE don’t.

    • charles

      Right on BJ, right on…..

  • Chester

    Am still trying to imagine where we would have been had McCain won. For one thing, we would STILL be in Iraq, be even deeper in Afghanistan, and quite probably marching through Syria and Iran. Jobs at home would be doing better, if you work in any industry supplying goods to the military. The banks would have gotten everything they wanted, with NO payback expected, while GM and Chrysler would be no more. Our tanks would be imported from China, along with the ammunition and electronics necessary to keep them doing what tanks do.

    • Average Joe

      “Am still trying to imagine where we would have been had McCain won.”

      Psssst…he didn’t win…so…your imaginings have no basis in reality…..
      You must be a liberal…where reality is a concept…..rather than…well…. reality……..that would explain your imagined…… ramblings….You do realize that if frogs had wings, they wouldn’t bump their arses when the land…right?…..What if’s…don’t matter……what is…IS….what isn’t…isn’t…and dreaming about the what if’s….wont change …what IS…..
      Welcome to REALITY……

      • Ken

        Weawity! Hahahahahahahaahah!!! Siwwy Wabbit! Wat’s Weawity!?

  • Jonathan

    “The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government.” – Barack Obama

    • Ken

      There goes Barry smokin’ the ganja again!

      • Average Joe

        I think he has graduated to the “Crack Pipe”…just sayin’ ;)

  • Tom T

    I think “jopa” is both or just plain ignorant. Keynsian economics doesn’t and never has worked. Even FDR’s top economic advisors admitted the new deal was a failure and they were actually lucky that WWII came when it did to hide that failure.

    • GALT

      well since keynesian theory did not surface until feb, 1936, when it was published and the new deal was well under way……..you would seem to have a “problem” connecting the two………not that FACTS could possibly ever make a difference?

      • Average Joe

        GALT,

        Maybe you can explain to us why the 1920-1921 depression only lasted 1.5 years (no Keynesian economics used there), while the FDR depression (using Keynesian economics) lasted until roughly 1950 (1932-1950)….18 years…yeppers…that Keynesian economic plan sure worked better and faster than….free market economics.

        We all patiently await your insight as to why Keynesian theory worked sooooo much better…..than the free market…….

      • Ken

        Not to mention, Keynes KNEW it wouldn’t work (and he intended it NOT to!)….only a fool would try to spend his way out of debt and only a fool would believe it could be possible!

      • GALT

        You seem to be ignoring the rest of the world regarding your short little depression, which ended for the United States in 1921……….not for anyone else……..or the next one which
        was caused by the free market and unregulated capitalism, in 1929, sucking the rest of the world in with it……just like it did in 2007. see Lords of Finance see Debt; The first 5000 years……see Extreme Money …..see The Great Divergence…….see Economics Unmasked
        hell try reading anything that will challenge what you think you know…….because if your not one of the top one per cent of the one per cent…….( and why would you be here if you were ) you have no future on this current path…….

        • http://boblivingstonpl.wordpress.com Bob Livingston

          Dear GALT,

          You write: “or the next one which was caused by the free market and unregulated capitalism, in 1929.” When did you take up comedy writing. A depression caused by “unregulated capitalism.” That’s funny.

          Best wishes,
          Bob

      • GALT

        Oh and unless you believe in the instantaneous transmission and implimentation of ideas, keynesian theory, doesn’t start to take hold in the 30′s…..and the war forced the debt, as in no-choice……..but since it was definitely in place after the war, it seemed to have worked just fine…….until FREE MARKET UNREGULATED CAPITALISM, re-appears with the repeal of Glass Stegal……or maybe you forget Clinton’s boasting about paying it off toward the end of his second term? even with all those excessive tax rates?

        Only ….NOW is debt a problem……and the only thing different is……..”don’t be shy”??????

      • GALT

        Comedy? Well Mr. Livingston…..what was regulated about Wall St in 1929? What caused the Depression? We know what didn’t prevent it……the Gold Standard and the United States owning 80% of the worlds gold supply?

        What was regulated about the derivatives market after the repeal of Glass Stegal? What caused the crash of 2007?

        I will of course wait for your response…….take as much time as you need…….

        • http://boblivingstonpl.wordpress.com Bob Livingston

          Dear GALT,

          You write: “What caused the Depression? We know what didn’t prevent it……the Gold Standard and the United States owning 80% of the worlds gold supply?” A simple answer is the dislocation of capital following WWI and the Federal Reserve’s expansion of credit beginning 1925 which led to malinvestment and the creation of a bubble. For those looking for a simple read, I offer “The Politically Incorrect Guide to the Great Depression and the New Deal,” by Robert P. Murphy, PhD. http://personalliberty.com/2010/04/15/the-politically-incorrect-guide-to-the-great-depression-and-the-new-deal-by-robert-p-murphy-ph-d/ Those seeking a more indepth and technical explanation can read, “The Great Depression” by Lionel Robbins. First published in 1934 and revised in 1971, Mr. Robbins was on top of the crisis, what created it and what deepened and prolonged it. You can obtain a free PDF copy here. http://mises.org/books/depression-robbins.pdf From Robbins’ book:
          “On this point the evidence of Mr. A. C. Miller, the most experienced member of the Federal Reserve Board, before the Senate Committee on Banking and Currency, seems decisive:
          ‘In the year 1927 . . . you will note the pronounced increase in these holdings [Federal Reserve holdings of United States securities] in the second half of the year. Coupled with the heavy purchases of acceptances it was the greatest and boldest operation ever undertaken by the Federal Reserve System, and, in my judgement, resulted in one of the most costly errors committed by it or any other banking system in the last 75 years!’
          What was the object of Federal Reserve Policy in 1927? It was to bring down money rates, the call rate among them, because of the international importance the call rate had come to acquire. The purpose was to start an outflow of gold—to reverse the previous inflow of gold into this country.
          The policy succeeded. The impending recession was averted. The London position was eased. The reflation succeeded. Production and the Stock Exchange took on a new lease of life. But from that date, according to all the evidence, the situation got completely out of control. By 1928 the authorities were thoroughly frightened. But now the forces they had released were too strong for them. In vain they issued secret warnings.
          In vain they pushed up their own rates of discount. Velocity of circulation, the frenzied anticipation of speculators and company promoters, had now taken control. With resignation the best men in the system looked forward to the inevitable smash.
          Thus, in the last analysis, it was deliberate co-operation between Central bankers, deliberate “reflation” on the part of the Federal Reserve authorities, which produced the worst phase of this stupendous fluctuation.
          Far from showing the indifference to prevalent trends of opinion, of which they have so often been accused, it seems that they had learnt the lesson only too well. It was not old-fashioned practice but newfashioned theory which was responsible for the excesses of the American disaster.”

          You write: “What was regulated about the derivatives market after the repeal of Glass Stegal? What caused the crash of 2007?” The crash of 2007 was of the same basic cause. Parallels mentioned by Robbins of conditions in 1920s-30s to 2007-2012 are staggering. It’s those parallels that led me (Ron Paul, Peter Schiff and others) to write and warn of the coming collapse. I foretold it in my printed newsletter (www.boblivingstonletter.com, subscription required) many times in the run-up to 2007-2008. Again from Robbins’ book: “Now it is clear that an inflationary boom of the kind which was described in the last chapter, besides having the quantitative effect of over-stimulating the capital goods industries, also has the qualitative effect of providing a favourable atmosphere for the fraudulent operations of sharks and swindlers. It is not when money is tight, when men look twice at each shilling before they spend it, that the Kreugers and Hatrys get away with it. It is when money is easy, when profits seem to be there for the taking and everyone is anxious to be in a little earlier than his neighbour. This has been the case in all the major booms of history. The big frauds almost all have been perpetrated on a rising market.”

          You write: “I will of course wait for your response…….take as much time as you need…….” You are overly kind.

          Best wishes,
          Bob

      • GALT

        BTW…while were at it, Mr. Livingston, sir……..when you say CAPITALISM, what exactly do you mean………?

        On the breaking news front: What is your response to the great news that health insurance have decided to keep the coverage going in the health care bill, no matter how the supreme court rules? What is WRONG with that picture?

        • http://boblivingstonpl.wordpress.com Bob Livingston

          Dear GALT,

          You write: “BTW…while were at it, Mr. Livingston, sir……..when you say CAPITALISM, what exactly do you mean………?” I mean laissez-faire capitalism, which we have not seen in this country for 150 years.

          You write: “On the breaking news front: What is your response to the great news that health insurance have decided to keep the coverage going in the health care bill, no matter how the supreme court rules? What is WRONG with that picture?” I believe you know my feelings regarding the fraudulent system called “healthcare” in America. I’m certain the insurance companies are confident they will continue to receive “government subsidies” to provide whatever coverage they desire because they are partial owners of Congress. Nothing SCOTUS does in that ruling will change their sway.

          Best wishes,
          Bob

          Best wishes,
          Bob

      • Average Joe

        GALT,

        Your post is wonderful and all…but you haven’t told us why you believe that Keynesian economics faired so much better during the FDR Depression…vs. the non- Keynesian economics that ended the 1920-1921 depression. 18 yrs. Vs. 1.5 years.

        Keynesian economics don’t work…fiat currency doesn’t work. Only when you exchange something of real value…for something else of real value does any system flourish. When money can be called forth …out of thin air…of what value does it have? (yes Virginia, money really does grow on trees….. 75% linen and 25% cotton).

        The idea behind free market economics is a simple one…if your product is too expensive, faulty or otherwise repugnant to consumers…they simply won’t buy your product, thereby forcing you to change your practices…or go out of business.
        If you make bad investments and lose your backside…the public does not bail you out…instead, you go through bankruptcy court and someone else buys up your assets….so that you pay off your debts. This is what was allowed to happen during the 1920-1921 depression ( which BTW, was technecally worse than the 1932 deression)

        No one is too big to fail (too arrogant, maybe).What we have now is crony-capitalism…where the Fed prints money and guarantees certain entities that no matter how bad their behavior…they are safe from going under and in return…those same entities contribute to re-election funds…to make sure the same kind of people in positions of power…remain in those positions of power…one hand continuously washing the other….

        The world is sitting on the pecipice of a finanatial disaster such has never been seen in the history of the human race.
        May God have mercy on us all.

      • GALT

        Just because you don’t like the answer, does mean I didn’t give you one………and while your post is wonderful an all……….and “crony capitalists” and their victims were the one that created the free market and then crashed it…..doesn’t change the fact that it was as free and as unregulated as you can get…….and it seems like…..the entities didn’t fail….nor did the FED have a choice……but it is good you are interested……the real value thing is a very good point of inquiry………

        Mr Livingston has said that the purpose of a business is: profit.

        The last time I checked this did not seem to have made the list in Maslow’s Hierarchy of Need…….where do you think it lies? BTW have you tried the gold and silver salad with the shredded federal reserve note dressing?

  • Ken

    In April, Ron Paul debated Krugman on economic policy on Bloomberg TV.
    “You want them to print more money faster,” Paul said during the discussion.
    “Well, of course I do,” answered Krugman…..

    Yeeaaaaaah! this idiot is going to “spend” us out of the hole! Ha,haahaaahaa! This POS never had to work a real day in his life, never owned his own business and he’s considered an “expert” on the economy?!

    The only thing he’s an expert on is how to destroy one!

    Next time your in debt, try borrowing money and spending your way way out of one and see how well it works for you….the only problem is, it is WE who are going to have to repay the debt!

  • GALT

    HHHHHHMMMMMM…which “truth” behind which “lie” that the masses never question are you revealing today, Bryan…………what we are experiencing in the final analysis, will make the Great Depression, look like a cakewalk………….as a ‘divinity student”, you might remember the phrase, “There but for the grace of God………….”, but this does not seem to be the attitude of some…………for those that did not get caught up in the latest round of “irrational exuberance” that fed the more recent round of “free market unregulated capitalism ” which produced the exact same result as it has every other time, and as it did in 1929…………now look upon the “victims”, as having caused the problem while simultaneously viewing those that caused the problem, as the solution: and who are promising more of the the same, as THE SOLUTION.

    “Ignorance is Strength”: The understanding of “the masses” regarding the reality of what is actually taking place is reduced to soundbite explanations and soundbite solutions…..so much so, that even the stark size of the most significant number involved in all of this
    make no impression on those who foolishly believe that “more of the same” is a solution.
    U.S. Debt is 100% of GDP, so what……..it has been higher than that, as recently as 1946.
    That debt is 15 TRILLION, a big number……..but there is another number which is much bigger……….78 TRILLION, and this number is the number of “derivative financial instruments that are currently outstanding” in our present ” economy “, which does not include those “housing market mortgage derivatives”, that the government now owns, courtesy of the “bail outs”, which went to the very people responsible for what exists, and who have not stopped doing it, since nothing has really changed yet….

    However for todays quick analysis on the ability of the “masses” to perceive the truth, let us examine on of todays ads, on this site, which will fade in and out,as the day goes on…

    HOW TO GET RICH WITH GOLD: 24 year old man gets rich buying gold dirt cheap and selling it at full price. Discover the LOOPHOLE he’s using before they shut it down.

    There is no “loophole” to shut down…………this is simply a person who is willing to take advantage of the ignorance of others for his own “profit”…………the Goldman Sach’s model, as applied to the street…….and just slightly less immoral, than outright robbery.
    And for few $$$$$$$ ( the fiat kind ) he is willing to share his (secret) with you……of course, if he were being honest….the ad would read. ” How to get RICH taking advantage of ignorant, stupid and desperate people who can ill afford to BE taken advantage of.”

    The more interesting TRUTH that is emerging here is that CAPITALISM when “defined as: the private ownership of the means of production”, may in fact be the biggest con of all time………because what it really is and always has been…..is money from money, and always has been…….this is known as “usury”, and is considered “evil” by every established metaphysical philosophy in history…..and the chief means by which this “evil”
    reaches the most egregious level of atrocity…..is thru the use of “coinage”, as “money of account” and basis of debt, from which there is no legal means of escape. We owe this to
    the western european culture…..which until recently was of no consequence in the world,
    historically……but has managed to seduce the rest of the world into it’s own delusions.
    ( and constructed the fraud of “economics” to maintain it. )

    For the actual history see DEBT: The First 5000 Years by David Graeber ( anthropologist)
    where the “evidence” doesn’t quite match ( REALLY DOESN”T MATCH ) the mythology
    the “masses” are asked to believe.

    • Bobby

      You sound more like James Taggart than John Galt. You should change your name so people don’t mistake you as a free market capitalist. Don’t you want to be recognized as the lefty douchebag that you are?

      • GALT

        If wanted to masquerade as one…..I would have added John….I am from the “economics: is a complete con game school….and to Adam Smith, the working class must be paid enough to reproduce…..saving that “race”……..but thank you for your comment…..it was irrelevant and short…..which is way better than irrelevant and long.

  • Sirian

    Now isn’t this very odd for Krugman to say such terrible things about the economy, Obummers’ economy that is, especially since he’s Keynesian by true conviction. What? Obummer has let him down?? LOL!!!

  • http://www.cindynel.co.za peter

    Amazing! Print more money faster! What about the law of diminishing returns. If diamonds were plentiful, they would be worthless, so if money is flying around to be picked up by all and sundry, how worthless would money be. There are more kids making more billions on the internet today than there is actually money on the planet. Perhaps someone could explain that to me. Money out of nothing? or is this just a ponzi scheme where only those at the top win and if so, what exactly is the point? Can one eat money? If one is terminally ill, money does not help. If there are no sources of food or water, money also does not help. Have we lost our way in our obsession with money? Definitely and extremely frightening. We need to stop now and reflect on the poor decisions we have made in the past and try to avoid them in the future. That is a loke of course. We never learn, we are criminally insane and are headed in the wrong direction in a hurry. What man has become is a creature that understands the price of everything and the value of nothing in the true sense, madness and greed overcoming all common sense and ensuring that mankind takes the rightful place as the most destructive and stupid creature ever to inhabit this planet. Why has man been obliterated from the surface of earth time and time again. The planet decided that we were unworthy and will do so again. Guaranteed.

    • GALT

      Not if you can control the “supply”…..which is the history of the “diamond market”….DeBeer’s being that mechanism, which still controls 70% to 80%.

      Money IS a ponzi scheme……..when it takes the form of “coinage” the following cycle
      begins………armies, conquest, enslavement………the current evolution, that derived from Adam Smith’s mythology of “economics” is based in the same cycle……but there has been
      a slight alteration……..in that, the chains of actual slavery….have been replaced by the monetization of DEBT….which is “eternal”……

      Unfortunately this con has gotten a little out of hand, with the last episode of “greed” resulting in a slight miscalculation……so much so that, THE CAPITALIST’s may have done to themselves………what could not be accomplished by “all its previous victims” even
      when it should have been completely obvious………..this time it’s going to be real hard
      to maintain this “con”…..because not only is it no longer producing “benefit”, or the illusion of it………it can no longer maintain even the “illusion”, because the “stored energy” it relied on, is disappearing, and all the damage that was caused, and ignored…… ( the PROFIT )
      no longer can be……….even Dorothy eventually caught on to fraud of the “little man behind the curtain”………

  • jopa

    Well folks I guess i will have to clue you in to the fact that we are still trying this trickle down economics with the Bush tax cuts.If it truly works as most of you claim we should have 100% employment by now.The only time our economy will begin to get better is when we have a stronger middle class with more money to spend and not the wealthy 1% that will just hoard it or spend overseas on villas and yachts.I sure will never understand why you want to tax yourself more to give the 1% more tax breaks.I know many of you are wishful thinkers and think you will hit the lottery or Publishers is gonna come knocking,It ain’t gonna happen baby, so it’s time to get your sh– together.

  • FEDUP!

    Jopa you need to work for your own money! Enough said? The rich are rich because they do more than you. They are also taxed more than you. Get it?

    • GALT

      now why should he get it……..it’s a lie……as is “money” itself……this probably will escape you until the day comes when you get hungry and try to eat your “money”….with a little luck……it will have some cocaine residue….which will ease the pain a bit………

      • Ken

        Good point…..and if you don’t mind, can we stick to my alter-ego?!

      • GALT

        I wasn’t aware you were using one……

      • Ken

        Bruce Wayne….just kidding!

    • charles

      Well FEDUP, you must be a comic writer… I laughted until I almost crapped in my pants.
      Keep them coming, I like to laugh at funny stuff….

    • jopa

      I have earned my own money that was taxed at a higher rate than the rich pay.However I didn’t make quite enough to pay lobbiests to have my taxes lowered like they did just to screw over the middle class and have us cover the majority of our governments expenses.You also claim you don’t make a lot of money well get off your lazy butt and get a real job if you are so fed up with everything.You control your own destiny.

  • FEDUP!

    Obama is about letting Islam take over the world. That’s why everything is being done to ruin us on purpose! Galt, I don’t have a lot of money but I am aware of my own reasons as to why. I don’t blame it on someone else just because I might be jealous. You are not entitled to anything you did not work for. God said if you will not work you will not eat, right?

    • GALT

      God has said many things, in many ways, to many people……who claim knowledge of what God wants……..Christ mentioned the lillies of the field…….remember that one……..tell how does stealing from people constitute work…………? How does making money from money
      constitute work? Seriously, find a copy and read Debt: the first 5000 years…….

  • Ken

    Great insight Galt – and I must remember “There but for the grace of God go I”…..I tend to forget that I’m still ignorant in many ways (there ya go Wobby, I said it!) and I’ve been blessed to had the time to UNLEARN all the bullsh*t I’ve been told….

    I concur on your point of Capitalism yet it works where men are honest and have morals – you know, those annoying thingy’s we were taught and were valued highly by WW1 and 2 era men and women?!

    The “Think Tank” has done a superb job of destroying that which has us be greater than the beasts …..the Bible and the u.s. Constitution.

    We “the People have become lax in our duties and now the greatest fears of our Forefathers has come true.

    • GALT

      Actually what “worked” was not capitalism, because there was no money….but there was credit…….people helped others as needed….and were helped as needed…..when things got out of hand…….all the debts were wiped out……..usury was forbidden.

  • Ken

    In reality, the leaderships of both fraudulent parties support essentially the same methodology, and that methodology could be summarized thus: Centralize everything, globalize everything, control everything, grow government power, reduce the effectiveness of the citizenry, turn the public against each other, rob them while they’re distracted. If an American does not understand this dynamic and how it is used to dominate the ebb and flow of our culture, then that American knows nothing. He is lost…

  • lean and mean 2012

    A lot of intresting comments by a lot of different people.Our trouble in this country ,started about 40 years ago with RMN.(LBJ can also be added in too!) I’ve came to my own ideals about the economy And where this nation is headed(Its not going to be Fun)by reviewing many statements from many people who are “in the know”That have bee in their trade for many years,i”m sure,that any one on this web-site could do the same.The more the public reads about this issue,the more perpared we are going to be.I think the nation is on a one way slide down hill (this not my opinion But from people that have spent a lot of years in their trade.)And it doesn’t matter who gets to be president,this nation has gone beyond the point of”no Return.If we get a”good President in Office,he(or)she May not make it as bad as it could be.So keep reading and perparing ,God Bless Us all>

  • Robert Rashbrooke

    I saw a program on Link TV that explained why the credit swap defaults were SO disastrous- namely, the banks took a bunch of mortgages, bundled them together and sold them, via an investment agency or a bank, to investors who were looking for a regular income from them (School boards, city councils etc).

    Unfortunately, these agents re bundled miscellaneous packages of mortgages and resold them to other agencies who then sold them on to other investors, etc.

    The end result, other than that most of the mortgages were of the sub prime type and very likely to fail and thus produce no regular income, generated debts far beyond their initial value. (The originating lenders regularly broke the law in originating these motgages by inflating borrower’s incomes, property values etc, but no one, even in cases that were known to be fraudulent, has been prosecuted.)

    Who still believes the banks and financial industry still does not need regulating? Or any other industry, if one reads accounts of Bechtel, et al, operations on the water system in Bolivia, the French company in Argentina with Buenos Aires water management, Haliburton in Iraq during the war. One of the reasons we are in our current predicament is that the regulating agencies fell down on the job and again have not been held accountable.

    Good luck with a Romney/Republican administration.

  • Gangbuster 2012

    I Agree With you That point.

  • Hampton

    I always love narrow-minded pinheads. You are so angry all time. Of course Krugman has been right most of the time. He actually does something most of you cannot do. He thinks! For those who can’t stand the fact that Paul is light years ahead of you smug, uniformed pions, lighten up, it is only rock-n roll and Paul Krugman rocks!!!

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