Home › Forums › Financial Markets/Economics › Paul Krugman poo poos inflation
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May 30, 2009 at 3:33 PM #408256May 30, 2009 at 3:41 PM #408276ArrayaParticipant
[quote=urbanrealtor]While I am not sure I agree with his conclusion (in fact, I am pretty sure I don’t), I don’t see good arguments against it on this thread.
I wish Rich were about.
I suspect his comments would be a teensy bit more intellectual than some variation on “he is a poop head”.
Most of those here are not.
Here is a thought his article brings up for me:
What is the downside risk to the overall economy in mass deflation?
Rich’s articles on deflation seem to focus more on how it won’t happen rather than the risk if it should occur.
Feel free to correct me if I have missed one.
[/quote]
We are deflating now. It’s not a risk, it is happening where it matters. However, inflation vs deflation is a little bit simplistic.
Mr. Krugman says:
So if prices aren’t rising, why the inflation worries? Some claim that the Federal Reserve is printing lots of money,
Has this guys seen a commodity chart the last few months? Oil has almost doubled.
He’s just throwing up strawmen and happily knocking them down, “wweeeeeee, look at me go!!” without empirically supporting any of his arguments.
May 30, 2009 at 3:41 PM #407581ArrayaParticipant[quote=urbanrealtor]While I am not sure I agree with his conclusion (in fact, I am pretty sure I don’t), I don’t see good arguments against it on this thread.
I wish Rich were about.
I suspect his comments would be a teensy bit more intellectual than some variation on “he is a poop head”.
Most of those here are not.
Here is a thought his article brings up for me:
What is the downside risk to the overall economy in mass deflation?
Rich’s articles on deflation seem to focus more on how it won’t happen rather than the risk if it should occur.
Feel free to correct me if I have missed one.
[/quote]
We are deflating now. It’s not a risk, it is happening where it matters. However, inflation vs deflation is a little bit simplistic.
Mr. Krugman says:
So if prices aren’t rising, why the inflation worries? Some claim that the Federal Reserve is printing lots of money,
Has this guys seen a commodity chart the last few months? Oil has almost doubled.
He’s just throwing up strawmen and happily knocking them down, “wweeeeeee, look at me go!!” without empirically supporting any of his arguments.
May 30, 2009 at 3:41 PM #408128ArrayaParticipant[quote=urbanrealtor]While I am not sure I agree with his conclusion (in fact, I am pretty sure I don’t), I don’t see good arguments against it on this thread.
I wish Rich were about.
I suspect his comments would be a teensy bit more intellectual than some variation on “he is a poop head”.
Most of those here are not.
Here is a thought his article brings up for me:
What is the downside risk to the overall economy in mass deflation?
Rich’s articles on deflation seem to focus more on how it won’t happen rather than the risk if it should occur.
Feel free to correct me if I have missed one.
[/quote]
We are deflating now. It’s not a risk, it is happening where it matters. However, inflation vs deflation is a little bit simplistic.
Mr. Krugman says:
So if prices aren’t rising, why the inflation worries? Some claim that the Federal Reserve is printing lots of money,
Has this guys seen a commodity chart the last few months? Oil has almost doubled.
He’s just throwing up strawmen and happily knocking them down, “wweeeeeee, look at me go!!” without empirically supporting any of his arguments.
May 30, 2009 at 3:41 PM #407824ArrayaParticipant[quote=urbanrealtor]While I am not sure I agree with his conclusion (in fact, I am pretty sure I don’t), I don’t see good arguments against it on this thread.
I wish Rich were about.
I suspect his comments would be a teensy bit more intellectual than some variation on “he is a poop head”.
Most of those here are not.
Here is a thought his article brings up for me:
What is the downside risk to the overall economy in mass deflation?
Rich’s articles on deflation seem to focus more on how it won’t happen rather than the risk if it should occur.
Feel free to correct me if I have missed one.
[/quote]
We are deflating now. It’s not a risk, it is happening where it matters. However, inflation vs deflation is a little bit simplistic.
Mr. Krugman says:
So if prices aren’t rising, why the inflation worries? Some claim that the Federal Reserve is printing lots of money,
Has this guys seen a commodity chart the last few months? Oil has almost doubled.
He’s just throwing up strawmen and happily knocking them down, “wweeeeeee, look at me go!!” without empirically supporting any of his arguments.
May 30, 2009 at 3:41 PM #408065ArrayaParticipant[quote=urbanrealtor]While I am not sure I agree with his conclusion (in fact, I am pretty sure I don’t), I don’t see good arguments against it on this thread.
I wish Rich were about.
I suspect his comments would be a teensy bit more intellectual than some variation on “he is a poop head”.
Most of those here are not.
Here is a thought his article brings up for me:
What is the downside risk to the overall economy in mass deflation?
Rich’s articles on deflation seem to focus more on how it won’t happen rather than the risk if it should occur.
Feel free to correct me if I have missed one.
[/quote]
We are deflating now. It’s not a risk, it is happening where it matters. However, inflation vs deflation is a little bit simplistic.
Mr. Krugman says:
So if prices aren’t rising, why the inflation worries? Some claim that the Federal Reserve is printing lots of money,
Has this guys seen a commodity chart the last few months? Oil has almost doubled.
He’s just throwing up strawmen and happily knocking them down, “wweeeeeee, look at me go!!” without empirically supporting any of his arguments.
May 30, 2009 at 3:49 PM #408286ArrayaParticipantMyron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
May 30, 2009 at 3:49 PM #408075ArrayaParticipantMyron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
May 30, 2009 at 3:49 PM #408138ArrayaParticipantMyron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
May 30, 2009 at 3:49 PM #407833ArrayaParticipantMyron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
May 30, 2009 at 3:49 PM #407591ArrayaParticipantMyron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
May 30, 2009 at 4:14 PM #408085Rich ToscanoKeymasterTyping this on the road from my crackberry – let’s see how this goes (haven’t tried it before).
I remember krugman criticizing greenspan in 04 for starting to raise rates TOO SOON. By that time the fed’s prolonged period of super low rates had already caused massive inflation in home prices but krugman was begging for more. The point being that his track record for predicting (or even identifying) the inflationary effects of loose fed policy is poor.
As for his article, its the usual inflation risk-denier stuff and there’s nothing in there that isn’t addressed in my “us govt will not choose deflation” article linked to at the upper right, with the “us not going down japans road” article going deeper into why his japan comparison is erroneous (using data, as opposed to krugman’s generalizations which imply, wrongly, that japan’s policy response was similar to ours).
Rich
May 30, 2009 at 4:14 PM #408296Rich ToscanoKeymasterTyping this on the road from my crackberry – let’s see how this goes (haven’t tried it before).
I remember krugman criticizing greenspan in 04 for starting to raise rates TOO SOON. By that time the fed’s prolonged period of super low rates had already caused massive inflation in home prices but krugman was begging for more. The point being that his track record for predicting (or even identifying) the inflationary effects of loose fed policy is poor.
As for his article, its the usual inflation risk-denier stuff and there’s nothing in there that isn’t addressed in my “us govt will not choose deflation” article linked to at the upper right, with the “us not going down japans road” article going deeper into why his japan comparison is erroneous (using data, as opposed to krugman’s generalizations which imply, wrongly, that japan’s policy response was similar to ours).
Rich
May 30, 2009 at 4:14 PM #407843Rich ToscanoKeymasterTyping this on the road from my crackberry – let’s see how this goes (haven’t tried it before).
I remember krugman criticizing greenspan in 04 for starting to raise rates TOO SOON. By that time the fed’s prolonged period of super low rates had already caused massive inflation in home prices but krugman was begging for more. The point being that his track record for predicting (or even identifying) the inflationary effects of loose fed policy is poor.
As for his article, its the usual inflation risk-denier stuff and there’s nothing in there that isn’t addressed in my “us govt will not choose deflation” article linked to at the upper right, with the “us not going down japans road” article going deeper into why his japan comparison is erroneous (using data, as opposed to krugman’s generalizations which imply, wrongly, that japan’s policy response was similar to ours).
Rich
May 30, 2009 at 4:14 PM #408148Rich ToscanoKeymasterTyping this on the road from my crackberry – let’s see how this goes (haven’t tried it before).
I remember krugman criticizing greenspan in 04 for starting to raise rates TOO SOON. By that time the fed’s prolonged period of super low rates had already caused massive inflation in home prices but krugman was begging for more. The point being that his track record for predicting (or even identifying) the inflationary effects of loose fed policy is poor.
As for his article, its the usual inflation risk-denier stuff and there’s nothing in there that isn’t addressed in my “us govt will not choose deflation” article linked to at the upper right, with the “us not going down japans road” article going deeper into why his japan comparison is erroneous (using data, as opposed to krugman’s generalizations which imply, wrongly, that japan’s policy response was similar to ours).
Rich
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