The Antisocial Network (Krugman on Bitcoin - hilarity ensues)

[Severian]

I don't think there's any need to suggest Krugman is stupid based on this.

There's an old saying: It's impossible to convince a man of an idea, especially when his salary depends upon his not understanding the idea.

That's the kind of conditioned stupid Krugman is, as well as many in DC. The paradigm they believe in makes them stupid.

[Spendulus]

In which Krugman proves he's a fluffer for the Federal Reserve.

"The practical misconception here — and it’s a big one — is the notion that we live in an era of wildly irresponsible money printing, with runaway inflation just around the corner."

http://www.nytimes.com/2013/04/15/opinion/krugman-the-antisocial-network.html?_r=1&

That an idiot like Krugman has any influence in this culture just ensures Bitcoin's future success. This is the same idiot that said the net was a passing fad.

A bit of a clusterfluffer we have here, mates.

[Lethn]

I don't think there's any need to suggest Krugman is stupid based on this.

He is a thoughtful man and a recipient of a Nobel prize for economics, you might disagree with him and think his theories are dead wrong- but being wrong is different to being an unsophisticated thinker. Let's be mature about this.

Like most neo-keynesians he has repeatable gaps in his own logic and when win he can't win a debate by pissing off the opposing side he decides to act snide and patronising instead, that is unsophisticated thinking at its finest, in fact, sounds a lot like the way a religious person acts I think.

[jdbtracker]

I don't think there's any need to suggest Krugman is stupid based on this.

He is a thoughtful man and a recipient of a Nobel prize for economics, you might disagree with him and think his theories are dead wrong- but being wrong is different to being an unsophisticated thinker. Let's be mature about this.

Like most neo-keynesians he has repeatable gaps in his own logic and when win he can't win a debate by pissing off the opposing side he decides to act snide and patronising instead, that is unsophisticated thinking at its finest, in fact, sounds a lot like the way a religious person acts I think.

agree, I prefer to be a skeptic and look at the pros and cons, and the interesting aspects, with a nobel price i'm willing to delve into his works and find out about why he thinks the way he does, who knows could find something interesting.

[Severian]

sounds a lot like the way a religious person acts I think.

Ever since I first learned how the fiat system works, I've seen the Federal Reserve and its defenders as a religion. Their irrationality and their devotion to their cause is just as religious as any true believer in any sect or cult.

[Severian]

agree, I prefer to be a skeptic and look at the pros and cons

It's always a good idea to weigh before deciding but in my 20 or so years of following Krugman, he's had the amazing ability of being wrong about every trend in front of him. Maybe your research of him will prove me wrong.

A Nobel Prize means nothing. Some of the biggest warmongers of the past 100 years have received Nobel Peace Prizes.

[nimda]

agree, I prefer to be a skeptic and look at the pros and cons

It's always a good idea to weigh before deciding but in my 20 or so years of following Krugman, he's had the amazing ability of being wrong about every trend in front of him. Maybe your research of him will prove me wrong.

A Nobel Prize means nothing. Some of the biggest warmongers of the past 100 years have received Nobel Peace Prizes.

A Nobel Prize means even less when it's not in Nobel's will...

[abbyd]

It's always a good idea to weigh before deciding but in my 20 or so years of following Krugman, he's had the amazing ability of being wrong about every trend in front of him. Maybe your research of him will prove me wrong.

A Nobel Prize means nothing. Some of the biggest warmongers of the past 100 years have received Nobel Peace Prizes.

The Nobel Prize has been an embarrassment for quite some time. Anyone impressed by it simply doesn't do much in-depth reading...

Ever since I first learned how the fiat system works, I've seen the Federal Reserve and its defenders as a religion. Their irrationality and their devotion to their cause is just as religious as any true believer in any sect or cult.

+1
A fiat system has to have religious following of most of its member, otherwise it will fail. Krugmonster knows that if he denounced the Fed it would cause major upheaval. Hence he has no choice but to "go all Greenspan" and cheerlead Bernanke.

“When you tell a lie, tell a big one. When you tell a little one they’re less likely to believe you. Tell a big one instead and keep on telling it until they believe you.”

[jdbtracker]

lol... This sentence is gold, too:

It’s true that the Federal Reserve and other central banks have greatly expanded their balance sheets — but they’ve done that explicitly as a temporary measure in response to economic crisis.

Bet they said that in Wiemar Germany, too.

Yeah, like 6 years temporary ... no end in sight and no way to cut back on the "balance sheet expansion" ... i.e. massive money printing, without complete market collapse ensuing immediately.

what if they have no choice and just to keep afloat begin to buy bitcoins, skyrocketing the price? Now then they would really have an incentive to not sell any of their Government owned bitcoins; Because they would know that the deflationary system used by bitcoin would prop up the economy while the Dollar was low.

Now the safety of that would be quite questionable since, whats to stop everyone else from cashing in on the skyrocketing value? therefore dampening and leveling the market, If they didn't inject enough money into it to offset everyone else cashing out they'll lose money... and Bitcoin is world wide so thats a lot of people.

by the way, i'm just guessing. everyone is still trying to figure out how to more or less understand how Bitcoin behaves.  Just guessing.

[Mike Christ]

Ever since I first learned how the fiat system works, I've seen the Federal Reserve and its defenders as a religion. Their irrationality and their devotion to their cause is just as religious as any true believer in any sect or cult.

Excellent connection   I've always considered Anarchism to be akin to Atheism; when you shed this kind of light on it, Anarchism is Atheism.

[hawkeye]

Ever since I first learned how the fiat system works, I've seen the Federal Reserve and its defenders as a religion. Their irrationality and their devotion to their cause is just as religious as any true believer in any sect or cult.

Excellent connection   I've always considered Anarchism to be akin to Atheism; when you shed this kind of light on it, Anarchism is Atheism.

Govt is very much so a religion.  It has the same underpinnings as the religions do ie. none.  And it's defenders, when they realise they have no empirical proof of authority, basically go back to the "well, we need religion/the state".   Fear is a big part of both as well.  Making people scared so that they will follow the dictates of the govt/religion.

They have their songs glorifying them.  Anthems/Hymns.

In most Western Countries the govt are comprised of ministries.   And you have the Prime Minister etc...

You can actually go on and on.

[myrkul]

Fear is a big part of both as well.  Making people scared so that they will follow the dictates of the govt/religion.

[Dr.Steve]

Fear is a big part of both as well.  Making people scared so that they will follow the dictates of the govt/religion.

http://www.thediydaily.com/storage/FEAR-IS-THE-MINDKILLER.jpg?__SQUARESPACE_CACHEVERSION=1350572594480

Teachings of the Bene Gesserit?

[myrkul]

Teachings of the Bene Gesserit?

By way of Frank Herbert.

[Templeton]

HOW DARE YOU MONSTERS ATTACK MY PRECIOUS KRUGGY!?

That man is a genius! Why else would they give him a Nobel Prize? or a column at the best news source on the planet (the NY Times)? 

Look, He's been right about gold being in a bubble, he's been right about our total lack of inflation, and 100% correct that we need to massively expand our welfare state by printing money. 

IN FACT I wouldn't be surprised if he's right about BTC to.  Based solely on that article, i'm considering selling all my BTC and buying shares of APPL instead.

Y'allz is chumps... chump-muffins even...

[Spendulus]

HOW DARE YOU MONSTERS ATTACK MY PRECIOUS KRUGGY!?

That man is a genius! Why else would they give him a Nobel Prize? or a column at the best news source on the planet (the NY Times)? 

Look, He's been right about gold being in a bubble, he's been right about our total lack of inflation, and 100% correct that we need to massively expand our welfare state by printing money. 

IN FACT I wouldn't be surprised if he's right about BTC to.  Based solely on that article, i'm considering selling all my BTC and buying shares of APPL instead.

Y'allz is chumps... chump-muffins even...

LOL Ya BUT

there's something just wrong with anyone who finds Kruggie Simply Irresistable.

http://www.youtube.com/watch?v=UrGw_cOgwa8

[Hawker]

HOW DARE YOU MONSTERS ATTACK MY PRECIOUS KRUGGY!?

That man is a genius! Why else would they give him a Nobel Prize? or a column at the best news source on the planet (the NY Times)?  

Look, He's been right about gold being in a bubble, he's been right about our total lack of inflation, and 100% correct that we need to massively expand our welfare state by printing money.  

IN FACT I wouldn't be surprised if he's right about BTC to.  Based solely on that article, i'm considering selling all my BTC and buying shares of APPL instead.

Y'allz is chumps... chump-muffins even...

Krugman has had a great recession in that he warned of it, he warned that austerity would make it worse, he warned that the stimulus was too small and he warned that deflation was a bigger danger than inflation.  As he predicted, the Fed has been printing money for years and it will carry on doing so for years and there is no way for inflation to take off.

He does have an openly disclosed political point of view; he believes that one of the main purposes of economics is to ensure full employment.  Bitcoin and gold both are unsuited to ensuring full employment so naturally he does not want them to succeed.

[marcus_of_augustus]

Bitcoin and gold both are unsuited to ensuring full employment so naturally he does not want them to succeed.
   

This is an unsupported conjecture .. i.e. waffle. It's a complete myth that monetary policy can affect employment figures over the long term. Periods on the gold standard in the 1800's were marked by long spells of full employment.

[Hawker]

Bitcoin and gold both are unsuited to ensuring full employment so naturally he does not want them to succeed.
   

This is an unsupported conjecture .. i.e. waffle. It's a complete myth that monetary policy can affect employment figures over the long term. Periods on the gold standard in the 1800's were marked by long spells of full employment.

As I said, he has a point of view.  You do too.  Economics is not like physics where you can precisely measure mass, velocity and make laws of motion based on empirical data.  Economic data is hard to measure and it can be interpreted to suit your own prejudices.  People very rarely change their minds.

As for Bitcoin, none of this matters.  Bitcoin will not succeed by getting endorsed by economists - it will succeed by being a better commercial option than fiat currency in certain markets.  Cryptocurrency is the ultimate free market experiment.

[Spendulus]

HOW DARE YOU MONSTERS ATTACK MY PRECIOUS KRUGGY!?

That man is a genius! Why else would they give him a Nobel Prize? or a column at the best news source on the planet (the NY Times)?  

Look, He's been right about gold being in a bubble, he's been right about our total lack of inflation, and 100% correct that we need to massively expand our welfare state by printing money.  

IN FACT I wouldn't be surprised if he's right about BTC to.  Based solely on that article, i'm considering selling all my BTC and buying shares of APPL instead.

Y'allz is chumps... chump-muffins even...

Krugman has had a great recession in that he warned of it, he warned that austerity would make it worse, he warned that the stimulus was too small and he warned that deflation was a bigger danger than inflation.  As he predicted, the Fed has been printing money for years and it will carry on doing so for years and there is no way for inflation to take off.

He does have an openly disclosed political point of view; he believes that one of the main purposes of economics is to ensure full employment.  Bitcoin and gold both are unsuited to ensuring full employment so naturally he does not want them to succeed.

Openly disclosed? 

Naw.  He knows just like we know that full employment is a necessary condition for severe inflation or hyperinflation, and for that reason, the powers that be do not want it and must insure it does not occur.

Your note about why Kruggie doesn't want bitcoin or gold to succeed is just an inference.  He hasn't said what you imply.  But I'd think he'd be "opposed to gold and bitcoin" because his stand would be to "support the US dollar as long as possible and then some."