Today, December 28 Paul Krugman posts an article stating how he doesn't believe in Bitcoin and is probably nothing but a Bubble:
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?smid=tw-NytimesKrugman&seid=auto&_r=0In another comment from Reddit, they show another article that shows his prediction of the Internet is nothing more than a bubble and will be no more popular than a fax machine:
http://marginalrevolution.com/marginalrevolution/2010/12/paul-krugmans-predictions.htmlIf too lazy to click on the links, here is what Paul predicted on the internet:
* Productivity will drop sharply this year. Nineteen ninety-seven, which was a very good year for worker productivity, has led many pundits to conclude that the great technology-led boom has begun. They are wrong. Last year will prove to have been a blip, just like 1992.
* Inflation will be back. Wages are rising at almost 5 percent annually, and the underlying growth of productivity is probably only 1.5 percent or less. Sooner or later, companies will have to start raising prices. In 1999 inflation will probably be more than 3 percent; with only moderate bad luck–say, a drop in the dollar–it could easily top 4 percent. Sell bonds!
* Within two or three years, the current mood of American triumphalism–our belief that we have pulled economically and technologically ahead of the rest of the world–will evaporate. All it will take is a few technological setbacks or a mild recession here while Europe or Japan recovers a bit.
* The
growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other!
By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.
* As the rate of
technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly.
* Sometime in the next 20 years, maybe sooner, there will be another '70s-style raw-material crunch: a disruption of oil supplies, a sharp run-up in agricultural prices, or both. And suddenly people will remember that we are still living in the material world and that natural resources matter.
Because of this, I will probably go all in on Bitcoin. I will do the opposite of what the media and pros say.
By doing this, I have netted unimaginable returns so far whether be it Stocks or Bitcoin. The media and other "professionals" told me to stay away from Bitcoin, guess what I invested a bunch in April of 2013 when it crashed at 60 and didn't sell. I'm probably gonna invest more since 2014 seems more promising then the news we had in 2013.
Paul Krugman is a "full on retard".
He is nothing but a mouthpiece for Wall Street and the Federal Reserve. The crap he says and writes about don't make sense...he is a clueless pundit put into a "expert podium" to fool the masses and sway how people think.
Paul Krugman knows crap about crap, and he projects himself as "Oh, I am a super smart academic"...Dumbass.
Watch the financial media long enough, you know who is telling the "truth" and who is blowing smoke and hiding facts or telling lies. Krugman is definitely one of them, the other I despise is Jim Kramer....what a loser.
