I’ve posted Entry #70 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called Making (Some) Sense of Crazy Krugman.
Juicy Excerpt: I have a certain sympathy for Krugman. A lot of people called me loco when I first posted about the dangers of Buy-and-Hold (nowadays, there are more than a few gradually coming around to my point of view). So when someone is almost universally dismissed as a nutcase, I cannot help but try to figure out whether there might be at least a little bit of sense in what he is saying.
And there is one point that absolutely must be advanced in Krugman’s defense. Everything he says is a logical implication of the economic “wisdom” of our time. People laugh at Krugman because he states things plainly and clearly and frankly. But the most popular economics textbooks say the same things using more cautious language. We shouldn’t be laughing at Krugman because he makes things clear. The laughable thing here is the claim that destruction of assets is an economic positive. That claim is economic orthodoxy today anywhere large numbers of liberal economists gather together.
Anonymous says
Select Month September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005 By PAUL KRUGMANThere is a frightening gap between what the euro needs to survive and what the policy elites are willing to do. By PAUL KRUGMANWith shrieks of class warfare going back and forth in Washington a closer look at the data shows just what class warfare looks like. By PAUL KRUGMANAusterity is inflicting vast pain now and killing our future too.