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November 21, 2010

Paul Kruuuugman - A Big Axis [Journolist]

Liberal economist Paul Krugman has outdone himself in his latest op ed for the New York Times – a piece entitled, ‘Axis of Depression.’ Krugman’s unyielding defense of Keynesian economics with his penchant for melding fact with fiction and a seething desire to be relevant, is sure to impress the uninformed and feeble minded. To the rest of us, Krugman is rightfully viewed as a progressive shill. A high functioning progressive shill but a shill nonetheless.

Krugman is always loaded for bear when it comes to those who don’t tow his liberal line of politics and economics. And as you can well imagine, Krugman aims a lot at conservatives and occasionally at his fellow progressives if he perceives them not to be 1) yelling loudly enough for more government intervention or 2) loudly enough at conservatives. With Krugman, it’s all in the yelling - in addition to the hyperbole and shoddy analysis.

In his NY Times’ Axis of Depression piece, Krugman bangs the drum for more intervention from the Federal Reserve and defends his old Princeton colleague Ben Bernanke by setting him up as our economic savior, if only we would all just listen to Bernanke and stop the whining about inflation, uncontrollable debt and insolvency; and on and on it goes. You see, when you are as smart as Bernanke, wrong seems right and right seems wrong . . . such is the foundation of Krugman’s thesis . . . a thesis that can be boiled down to hey, “we’re the government and we’re here to help.”

Krugman and his gang of overly educated brats of theory are long on theoretical analysis and short on practical application. The United States is in an economic maelstrom. We are in uncharted economic territory . . . and following conventional wisdom is not the reason we are in the economic mess we are in. Quite the opposite is true. Over the last 20 years, conventional wisdom was shunned for government intervention in the creation of easy credit by the Fed resulting in smoke and mirrored economic growth and the inevitable creation of asset bubbles.

Not quite a year ago, former Fed Chair, Alan Greenspan, the bubble master himself, testified before congress . . . and through all of his nice sounding words finally admitted that he made erroneous, “assumptions” about the “models” used when analyzing the risk of financial derivatives. Those with all of the so called “answers” (like Krugman, Greenspan and now Bernanke) are merely interventionists – each ready to intervene like some sort of rabid economic surgeon. That’s the point in all of this . . . economic interventionism . . . it’s the modern day leech that’s killing the patient, a patient called the United States of America.

If you are up for some amusement, read Krugman’s NY Times Axis of Depression. It really is quite a treat. We would love to be able to provide a link to it but given NY's bed bug thing and all, the last thing we want to be responsible for is giving you the scratch.

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posted by Open Blogger at 02:15 AM

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