Krugman admits massive failure of the leftist economic model

[asterism]

So the systemic problems with the new ideals of a command economy didn't work so what do the idiots do? Deflect.

These activists are truly out of ideas.

More broadly, if our economy has a persistent tendency toward depression, we’re going to be living under the looking-glass rules of depression economics — in which virtue is vice and prudence is folly, in which attempts to save more (including attempts to reduce budget deficits) make everyone worse off — for a long time.

I know that many people just hate this kind of talk. It offends their sense of rightness, indeed their sense of morality. Economics is supposed to be about making hard choices (at other people’s expense, naturally). It’s not supposed to be about persuading people to spend more.

But as Mr. Summers said, the crisis “is not over until it is over” — and economic reality is what it is. And what that reality appears to be right now is one in which depression rules will apply for a very long time.

So basically, Krugman and Summers can't figure out to fix the economic problems. Therefore, they've declared that the problems just can't be fixed. AMAZING!

http://www.nytimes.com/2013/11/18/opinion/krugman-a-permanent-slump.html

 

[Baruch Menachem]

Krugman ran out of ideas when he was flacking at Enron

 

[Kroyd]

Krugman ran out of ideas when he was flacking at Enron

Well, well, well... What do we have here? Can't make a buck on your own huh?

 

[skookerasbil]

So the systemic problems with the new ideals of a command economy didn't work so what do the idiots do? Deflect.

These activists are truly out of ideas.

More broadly, if our economy has a persistent tendency toward depression, we’re going to be living under the looking-glass rules of depression economics — in which virtue is vice and prudence is folly, in which attempts to save more (including attempts to reduce budget deficits) make everyone worse off — for a long time.

I know that many people just hate this kind of talk. It offends their sense of rightness, indeed their sense of morality. Economics is supposed to be about making hard choices (at other people’s expense, naturally). It’s not supposed to be about persuading people to spend more.

But as Mr. Summers said, the crisis “is not over until it is over” — and economic reality is what it is. And what that reality appears to be right now is one in which depression rules will apply for a very long time.

So basically, Krugman and Summers can't figure out to fix the economic problems. Therefore, they've declared that the problems just can't be fixed. AMAZING!

http://www.nytimes.com/2013/11/18/opinion/krugman-a-permanent-slump.html

They base their shit on the Phillips curve which was blown up almost 100 years ago in the 1930's. Their shit has never worked in the history of the world.

Keynesian economics is gay.......a joke........proven with facts. Any time government gets involved in the market via public policy, things get fucked up.

Sowell, as usual, sums up the disaster of Keynesian economics here >>>


A Return to Keynes? - Thomas Sowell - Page 1

 

[blastoff]

"Mr. Summers began with a point that should be obvious but is often missed: The financial crisis that started the Great Recession is now far behind us. Indeed, by most measures it ended more than four years ago. Yet our economy remains depressed."

No shit, geniuses. For one clue as to why try plugging the real unemployment figures into the equation some time and things might start to make a little sense, even to you lefty slugs.