Krugman Defends Bernanke

[No Free Beer]

http://www.nytimes.com/2012/04/06/opinion/krugman-not-enough-inflation.html?_r=1&ref=opinion

"No, the real reason the attacks on Mr. Bernanke from the right are so destructive is that they’re an effort to bully the Fed into doing exactly the wrong thing. The attackers want the Fed to slam on the brakes when it should be stepping on the gas; they want the Fed to choke off recovery when it should be doing much more to accelerate recovery. Fundamentally, the right wants the Fed to obsess over inflation, when the truth is that we’d be better off if the Fed paid less attention to inflation and more attention to unemployment. Indeed, a bit more inflation would be a good thing, not a bad thing. "

I don't even know what to say...

 

[rpwi]

Part of the problem is that fakes like Krugman reduce the Federal Reserve to a false dichotomy. To them the Fed means either (lower interest rates, high employment and higher inflation) or (higher-interest rates and higher unemployment and lower inflation).

It's not the simple and totally absent from these 'economists' are concerns about waste, corporate welfare, bubbles, bank money and unsustainable debt.

What Krugman doesn't realize is that we are in store for massive inflation. What happened recently (well since 2008) is that the monetary base tripled...yet bank money collapsed so inflation was only held at about 10% (according to shadowstats). Once the money multiplier returns to its norms and banks start creating deposits through massive loans again...we will have MEGA-INFLATION.

The other X-factor is the dollar's reserve currency status. Only a stable dollar prevents foreign countries from sending back our worthless pieces of paper (and investments for worthless pieces of paper) back to the US in exchange for real wealth (food, commodities, natural resources). If we get a FOREX run on the dollar we again would have MEGA-INFLATION.

Lastly...the US is growing it's debt too fast to be repaid. Monetization will probably be the only 'cure' possible without defaulting...and so the Fed will purchase lots of t-bills to lower the national debt load (but give them more control over the interest payments) and the banks will releverage this new monetary base to again create even more MEGA-INFLATION.

At that point, I'm sure the elites in the 'international community' will step in with a new international reserve currency that they just happened to have all ready in case of an emergency like that...and we'll get dragged into a international currency which will be abused and inflated by banks to transfer wealth from the poor to the rich and create even more inflation.

 

[JorgeStevenson]

Comments are a complete cluster f.

 

[No Free Beer]

Comments are a complete cluster f.

hahaha

 

[bunklocoempire]

"The LORD abhors dishonest scales, but accurate weights are his delight."

 

[No Free Beer]

They are all such jokes.

 

[mello]

Of course he defends him. He probably gives him reach-arounds when called.

 

[AGRP]

In other news, smoke defends fire!

 

[Lafayette]

Ah yes, the "right"

The same pundits, talking heads, so called "economists" and politicians on the "right" who had no problems with the FED pumping the system full of fiat and financing the deficit while they spent like FDR on a cocaine binge and created just as many new programs and wars for decades. Those principled statesmen who's new found outrage over the debt and runaway printing by the FED will most certainly continue if the take control of the white house this election


Krugman and his friends in both parties can eat a ****

 

[No Free Beer]

Part of the problem is that fakes like Krugman reduce the Federal Reserve to a false dichotomy. To them the Fed means either (lower interest rates, high employment and higher inflation) or (higher-interest rates and higher unemployment and lower inflation).

It's not the simple and totally absent from these 'economists' are concerns about waste, corporate welfare, bubbles, bank money and unsustainable debt.

What Krugman doesn't realize is that we are in store for massive inflation. What happened recently (well since 2008) is that the monetary base tripled...yet bank money collapsed so inflation was only held at about 10% (according to shadowstats). Once the money multiplier returns to its norms and banks start creating deposits through massive loans again...we will have MEGA-INFLATION.

The other X-factor is the dollar's reserve currency status. Only a stable dollar prevents foreign countries from sending back our worthless pieces of paper (and investments for worthless pieces of paper) back to the US in exchange for real wealth (food, commodities, natural resources). If we get a FOREX run on the dollar we again would have MEGA-INFLATION.

Lastly...the US is growing it's debt too fast to be repaid. Monetization will probably be the only 'cure' possible without defaulting...and so the Fed will purchase lots of t-bills to lower the national debt load (but give them more control over the interest payments) and the banks will releverage this new monetary base to again create even more MEGA-INFLATION.

At that point, I'm sure the elites in the 'international community' will step in with a new international reserve currency that they just happened to have all ready in case of an emergency like that...and we'll get dragged into a international currency which will be abused and inflated by banks to transfer wealth from the poor to the rich and create even more inflation.

He is part of the elites. He is a puppet. He is planted there.

 

[NewRightLibertarian]

They're on a quest to destroy all of our wealth. The faster the destroy us, the quicker they gain power with their New World Order collective. This is deliberate what they are doing IMO, it's not stupidity.

 

[seraphson]

My wife and I are boomers on fixed incomes. Inflation would definitely hurt us, especially in a couple of years when about all we will have is Social Security and the remnants of my 401(k). And yet I agree with Dr. Krugman, as I usually do. Our short term pain will be more than offset if more people are employed and the economic pump is truly primed. My wife and I will make do. Because it is better for all of us if people like us do that.

And we are not doing that because we are secure. We will probably have to leave our home in two years, and become part of the renting class. We are both disabled. Severely so in my case, almost as bad for my wife. Our most rational choice, to help our daughters, would be suicide. Yet we persevere. Part of it is mulishness. Before I die, I want to see the right wing in this country brought to heel. I want to see a real progressive in the White House, or at least someone who will use the bully pulpit, as I now think Hillary Clinton would have, while President Obama has not. Hillary is no progressive; she is an Ivy League establishmentarian like Obama. And, frankly, like me.

But I retain my sense of social responsibility, and am at a point in my life where my comfort, indeed my survival, is less important than righting the sinking ship of state that is my beloved country. So keep the pedal to the metal, Dr. Krugman. If nothing else, you are our most visible canary in the coal mine.

The top comment with 476 likes.

Such an adorning, obedient, complacent, Prole; bravo my good chap bravo!

So let me get this right. You've embraced unto a society where its elderly are better off committing suicide and beg for a Socialist-esq Hitler Jr. to rule the white house and your nations future; with what I can tell a "who gives a shit what happens after I die anyways" attitude?

NEWS FLASH: You cannot multiply wealth by dividing it.

Notice the misery, the ineptitude of this individual. Churchill's quote has a startling connection with this individual's response.

"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."

That's right. Kill yourself and have the Fed crank the printing press full bore so that whatever's left of your beloved country and family crumbles into oblivion.

I'm ready for the revolution. Cmon Paul. Let's do this.

Update: To the OP. I believe this is what can be said about such a hit piece. Stupid is as stupid does.
Gerald Celente has it right: The New York Times is The toilet paper of records.