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The Ultimate Krugman Take-Down


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kbit's Avatar
 kbit 
Aurora, Il USA
 
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Forget Ali - Frazier; ignore Santelli - Liesman; dismiss Yankees - Red Sox; never mind Silva - Sonnen; the new undisputed standard by which all showdowns will be judged happened in Spain over the weekend. During a debate on Europe's crisis, Pedro Schwartz (a mild-mannered Spanish 'Austrian' economics professor) took on the heavyweight Paul 'I coulda been a Fed Chair contender' Krugman, and - in our humble opinion - wiped the floor with his Keynesian philosophy. From the medicinal use of more debt to fix too much debt, to the Japanization of world economies and the demand-side bias of every- and any-thing - interested only in the short-term economic growth; the gentlemanly Spaniard notes, with regard to the European crisis, the fact that "Keynesians got us into this mess and now we have to sacrifice our principals so that they can get us out of this mess".

Humble and generous in his praise - though definitively serious with his criticism - Schwartz opines: "Often Nobel prize winners are tempted to pontificate on matters that are outside the specialty in which they have excelled," noting "the mantle of authority whereby what ever they say - whether sensible or not - is accepted with resignation from some and enthusiasm by others." Krugman's red-faced anger is evident at the conclusion as he even refused to shake Schwartz's hand after the debate.

For 15 minutes of both education and entertainment - this is as good as it gets...

Starting from around 35:00 the Spanish professor praises and criticizes in a thoughtful and gentle tone
At around 39:00, he addresses the demand-side description of the world
Krugman's less-than-happy response (which sparks quite a rowdy argument) begins around 48:20





The Ultimate Krugman Take-Down | ZeroHedge

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  #2 (permalink)
saiga
Oakley Kalifornia
 
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I have seen this one before! Great! I cant stand that weasel Krugman. Its people like him that give governments a blank check.

Check this out if you don't already know about it. Robert Murphy vs Paul Krugman Debate - Austrian Economics vs Keynesian Theory - Food Bank NYC Charity Benefit

Krugmans running like Mayweather but worse.

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Last Updated on August 5, 2013


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