October 15, 2008

Paul Krugman

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Winner of the Nobel prize in Economics, Paul Krugman was interviewed by David in November 2001. The interview is interesting not only because of Paul Krugman’s recent Nobel prize, but it also discusses recessions, a topic of current interest.


  1. AndrewGMooney

    Money quotes from David’s excellent interview. Krugman says: “We didn’t have a real estate speculative bubble the way the Japanese did so I think our situation looks better”. Er, hello Ben Hindsight Bernanke. Please join the group. Yes, public transport is a problem but you should set your alarm clock earlier. Where was I? Ah, yes.

    Interesting to note this interview is dated November 2001, just after the 9/11 shock. When Dubya went on telly and ordered every ‘patriot’ to get their sorry ass to Vegas and Mall of America to gamble and spend in the National Interest. Meanwhile, fallen Money ‘Pop Idol’ Greenspan flooded the System with trash cash liquidity (negative real interest rates), the boomer pension money fleeing the Dot Com Boo Com nonsense had to find a home, so it found real estate McMansions. Thus, instead of having a necessary and normal recession in 2001 we blew up the Mother of All Bubbles which unwound in the CDO sub-prime debacle. And so on. Anyone want some of my nice I-Tulip bulbs? Buy one, get one free haciendas on offer from Spanish ponzi developers as we speak. Grab them now, Paddy Last!

    David says: “In Ireland at the moment we’re suffering from the after-effects of a property bubble, and, we’re stopping or reducing our immigration”

    This brief clip should be cut out and run on RTE as an advert every fifteen minutes. I’ve crossed swords with DMcW over Ireland’s recent lack of EU solidarity and ‘failure to wait for subsidiary’ issues: But he really does need to stick to the Irish Establishment for not listening back in 2001 regarding property. Stick it as in no lube. As for the Brazilian takeover of Gort, saves ye all the plane for the Carnival. That’s fine, but there’s other less benign parameters to uncontrolled immigration in Eire and here in the U.K. Parameters which are about to come into the limelight, I fear.

    Then some fun and/or frightening scenarios of EU stability pacts, dollar collapse, Euro rise: All of which any sensible person knows will never be allowed to happen by the ‘Authorities’. It’s about as likely as the Chinese yuan suddenly rising so that we have to pay more for our Xmas tree baubles (hint). Just the usual scare mongering economists with nothing better to do than drink coffee in converted warehouse turned trading floor scene.

    Krugman even has the cheek to say: “This Euro business has always been a bit of a problem. Us ugly North Americans have always thought that Europe rushed into this ‘common currency’ without having the preconditions, and, er, it’s gonna be difficult”.

    I thought it was just us ornery Brits who spoke out of turn like wot he does on this video. Anyway, he’s gone mad now, having been in the NYT singing “Oh praise him!“ about our glorious Prime Minister Alastair Churchill -Thatcher. Hope I’ve wound everyone up sufficiently. If not, I’ll try harder next time. Love you all.

    PS: Osama always intended to blow up the American Economy and Pax Americana. The Twin Towers were just the opening strike.

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