Paul Krugman Blasts Trump, Vance for Backing Bitcoin

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Paul Krugman Blasts Trump, Vance for Backing Bitcoin - Decrypt decrypt.co/242478/bitcoin-economically-useless-paul-krugman-trump-vance

1818 sats \ 36 comments \ @siggy47 31 Jul econ

Talk about a contrarian indicator! We all know about his brilliant track record regarding tech innovation.

I know it's a cliche by now, but here's Paul's brilliant prognostication from 2008:

Economist Paul Krugman wrote that by 2005, it would become clear that the Internet's effect on the economy is no greater than the fax machine's.

Nobel Prize Winner, and prominent imbecile

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184 sats \ 5 replies \ @Undisciplined 31 Jul

Remember when he wanted mint a trillion dollar coin to deal with the deficit?

Yeah, we're the crazy people.

42 sats \ 2 replies \ @nichro 1 Aug

I remember that floating around back then, but I never knew there was a face and name attached to that genius idea

204 sats \ 1 reply \ @Undisciplined 1 Aug

He also proposed waging a pretend war against alien invaders to stimulate the economy. I wonder if he's been trolling this whole time and he actually knows how dumb these ideas are.

42 sats \ 0 replies \ @nichro 1 Aug

I need to read up on that pretend alien war plan. Sounds wild.

42 sats \ 0 replies \ @SimpleStacker 31 Jul

Krugman is an embarrassment

21 sats \ 0 replies \ @Bell_curve 31 Jul

and the weird ones

110 sats \ 0 replies \ @cristaiji 31 Jul

It’s endlessly fascinating to me that the least talented people always seem to make it to the top. 😄

215 sats \ 0 replies \ @TomK 31 Jul

Thanks for sharing. Paul is indeed a perfect Cramer of economics

95 sats \ 13 replies \ @south_korea_ln 31 Jul

Nobel Prize Winner,

The Nobel Memorial Prize in Economic Sciences, aka the affinity scam among the Nobel prizes

Alfred Nobel did not create this one. It is funded by a bank.

141 sats \ 12 replies \ @siggy47 OP 31 Jul

Thanks for the information.

Nobel accuses the awarding institution of misusing his family's name, and states that no member of the Nobel family has ever had the intention of establishing a prize in economics.[41] He explained that "Nobel despised people who cared more about profits than society's well-being", saying that "There is nothing to indicate that he would have wanted such a prize", and that the association with the Nobel prizes is "a PR coup by economists to improve their reputation".[

75 sats \ 4 replies \ @SimpleStacker 31 Jul

Unfortunately I have to strenuously object to the idea that economists care more about profits than society's well-being--at least, no more so than any other profession.

It's a misconception that has allowed great foolishness to be perpetrated. Most recently, during the pandemic. A lot of the people warning about lockdowns early on were health economists like Jay Battarachaya but they were ignored because "they cared more about money than people's lives." I literally had someone tell me this to my face when I warned about overreacting to Covid, and that the data was showing it was only dangerous for a subset of the population.

Economics has long been known as the "dismal science" and therefore unpopular with utopians because we're always pointing out tradeoffs. As Thomas Sowell says: "There are no solutions, only tradeoffs."

129 sats \ 2 replies \ @siggy47 OP 31 Jul

That quote wasn't about economists. In fact I agree with you completely. That was a quote from the Nobel family criticizing the Swiss bank who took the Nobel name in order to set up an ersatz (@cryotosensei) award that really wasn't a Nobel prize.

75 sats \ 0 replies \ @SimpleStacker 31 Jul

Interesting. Thanks for the context

43 sats \ 0 replies \ @cryotosensei 31 Jul

Thanks for using my newly learnt word in context!

0 sats \ 0 replies \ @Bell_curve 31 Jul

Alfred Nobel created dynamite, he was a chemist. He and his family owned an arms manufacturer. https://en.wikipedia.org/wiki/Bofors

Economics is the study of human behavior (how do we optimize utility). Business is the pursuit of profits.
Too many idiots conflate economics with business or wall street. I support both endeavors. Money may not be a noble objective but it's cleaner than most

Stop the presses, Nobel uttered comments that were anti-semitic

Nobel has also been criticized for displays of antisemitism. In his letters to Hess, he wrote "In my experience, Jews never do anything out of good will. They act merely out of selfishness or a desire to show off .... all others exist to be fleeced."

https://thejewishindependent.com.au/anti-semitic-chauvinistic-side-alfred-nobel

https://search.worldcat.org/title/nobel-affair-the-correspondence-between-alfred-nobel-and-sofie-hess/oclc/987791384

https://www.haaretz.com/world-news/europe/2018-07-15/ty-article/.premium/alfred-nobels-letters-reveal-his-anti-semitic-chauvinistic-side/0000017f-e20a-d804-ad7f-f3fa72280000

At least he wasn't blind or clueless

54 sats \ 5 replies \ @Bell_curve 31 Jul

Except that Alfred Nobel died childless and no heirs to his fortune

If he had heirs there would be no Nobel Prize

The Nobel Prize is always given on December 10, the day of his death

21 sats \ 4 replies \ @siggy47 OP 31 Jul

You're right. I don't know who constitutes what's known as the family. But, economics wasn't one of the original prizes.

54 sats \ 3 replies \ @Bell_curve 31 Jul

but Peace was one of the original!!!!

edit: https://en.wikipedia.org/wiki/Michael_Nobel

https://en.wikipedia.org/wiki/Peter_Nobel

21 sats \ 2 replies \ @siggy47 OP 31 Jul

Yes. Not economics, though

54 sats \ 1 reply \ @Bell_curve 31 Jul

The family criticisms are dumb because they don't speak for Alfred Nobel.

The Prizes were created by one person not his brother or sister or parents or cousins or nephews or nieces

When Alfred died in 1896, economics was not yet a field or a new field not accepted by academics and the 'experts'

Economics is not one of the original prizes and yet I believe it's more prestigious than Peace and ceremoney is in Sweden and cash prize in 10 million Swedish kron

Peace prize ceremony is in Oslo Norway

0 sats \ 0 replies \ @siggy47 OP 31 Jul

Honestly the whole thing seems dumb to me. It seems like they have become who can be more woke contests. Who comprises the so called "family"?

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0 sats \ 0 replies \ @south_korea_ln 31 Jul

Oh that's some perfectly added context :)

106 sats \ 0 replies \ @0xbitcoiner 31 Jul

These gems of predictions always bring a smile to my face. A top 10 countdown would be the cherry on top!

75 sats \ 0 replies \ @grayruby 31 Jul

Did he fax those comments in?

75 sats \ 0 replies \ @Cje95 31 Jul

Whenver these economics people randomly decide to start popping off about crypto and making bold statements out of the blue I never forget Jim Cramer's comment about Bear Stearns when asked if people should be concerned about its liquidity! "Bear Stearns is fine do not take your money out [...] Bear Stearns is not in trouble if anything they are more likely to be taking over". Only for stuff to explode 3 days later!

75 sats \ 0 replies \ @jgbtc 31 Jul

That's the best endorsement bitcoin can get. I would be worried If Krugman publicly liked bitcoin.

64 sats \ 1 reply \ @Bell_curve 31 Jul

He should team up with Jim Cramer and start a forecasting company

21 sats \ 0 replies \ @DEADBEEF 31 Jul

They would be about as accurate as the weatherman, actually that may be an insult to weathermen since they are right sometimes.

154 sats \ 1 reply \ @Coinsreporter 1 Aug

I despise Paul Krugman because he is just another patron of Adam Smith and a slave of Fiat merch.

He was given the Nobel Laureate for he was considered the best of his time to uphold a fiat scam. Here are a few of the proofs that he doesn't even understand the ABC of sound money.

"To be successful, money must be both a media of exchange and a reasonably stable store of value. And it remains completely unclear why bitcoin should be a stable store of value."

Lol! First he says money should be then rejects it! Crap!

"There might be a potential equilibrium in which bitcoin remain in use mainly for black market transactions and tax evasion, but that equilibrium, if it exists, would be hard to get to from here: once the dream of a blockchained future dies, the disappointment will probably collapse the whole thing."

Again, Lol! And he again fails to understand! Black market and tax evasion even existed before Bitcoin. A good dream never dies.

21 sats \ 0 replies \ @IamSINGLE 1 Aug

So true! Krugman is a disaster for economics. Love your take!

54 sats \ 2 replies \ @TheMorningStar 1 Aug

Very nice! It's a very interesting point about krugman! I feel like I'm at the right place among like minded people.

This is my first comment here on stacker.news! Interesting! We van only edit in the first 10 minutes.

13 sats \ 1 reply \ @siggy47 OP 1 Aug

Welcome! Yes, the 10 minute edit thing takes some getting used to. I learned to live with my typos.

65 sats \ 0 replies \ @TheMorningStar 1 Aug

Haha! You seen to ignore faults just like me. "Pretending to be ignorant is a wise man's jewel."

Ever heard it before?

0 sats \ 0 replies \ @Satoshi__Nakamoto 31 Jul

Paul is doing great

0 sats \ 0 replies \ @030a29f333 31 Jul

OK?

0 sats \ 0 replies \ @Octopus 31 Jul outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.