DISQUS

tbhull · 11 months ago

I think Krugman is mad because he invested all of his family's money with Bernard Madoff.

http://www.reuters.com/article/marketsNews/idIN...

$50 billion will impact many . It is all over except for the crying for for many prominent and wealthy individuals and families. No recourse.

Indigo · 11 months ago

"When you're falling, dive!"
-Pema Chödron

devlzadvocate · 11 months ago

klaatu barada nikto

ME · 11 months ago

Employment is a lagging indicator. This is jobs catching up with what has already happened, not a sign of things go even further off the rails.

Houndentenor · 11 months ago

Agreed. Firms lay off employees AFTER the economic bad news, not before. In a sick sort of way, layoffs are good news because they happen at the end of the recession not the beginning.

sukabi1 · 11 months ago

I heard a brit economist last week saying that he expected the US to start losing 1,000,000 jobs a month starting around March and that we'd keep losing a million / month for several months....

so I don't think Krugman is going to stop being terrified anytime soon.

devlzadvocate · 11 months ago

I just threw up.

Theresa · 11 months ago

Well, I'll be one of the mil in March. My contract ends in March with no new job in site and I've been looking... In the meantime, it's lean times.

bluestockton · 11 months ago

I wish Krugman had a reason to stop that, John.

High Crimes & Misdemeanors · 11 months ago

ahhhhh folks, we've been warned about this for sometime. Krugman is finally been getting around to saying this today. Hell even Obama got on the bandwagon finally. As well, I've been saying this for sometime. Check the history of my posts.

Per HuffPo:

Report: Obama Team Has Dire Economic Outlook

http://www.huffingtonpost.com/2008/12/11/report...

The Interanational banking system is a fraud. It's bankrupt and we are only going to now see the true ramifications of "free trade" "globalization", "fractional reserve banking, and corruption veering off the track, this is what's called a train wreck.

The better question is this: will this train wreck finally cause you to stand up and revolt? At what point will you finally say you've had enough of being con'd by this oligarchical system??

devlzadvocate · 11 months ago

To be replaced by . . .?

tbhull · 11 months ago

Free beer for everyone 24/7?

vkobaya · 11 months ago

Or as another said 2 centuries ago, "Let them eat cake."

High Crimes & Misdemeanors · 11 months ago

devlzadvocate - I would like to respond to your comment succinctly - though I do not have all the answers. know that i have been reading and working on writing some posts. I will do so when the school break is here. Go read my last few posts, especially the ones from Counter Punch. I am in full agreement with them. That should be a start.

falloch · 11 months ago

Don't get annoyed with Krugman - he's pretty close to telling the truth - get totally annoyed with Greenspan and his spawn who told us for ages that there was no problem with the economy. K's the messenger - don't shoot him - shoot the bloody shills for Reago/Busho/nomics.

Roddy McCorley · 11 months ago

"What is it, Obi-Wan Krugman?"

"I feel a great disturbance in the economy...."

pdxprobert · 11 months ago

I got a fortune cookie once with a message that read " It may be that your only role in life is to serve as a warning to others."... I wonder if Paul Krugman got that fortune too...

Andrew · 11 months ago

Where did the rest of this thread disappear to? Anyway, just to make the point again.
Inflation is what happens to the cost of everything when you keep printing dollars with nothing to back them like gold. More dollars chasing fewer goods. If you think inflation is bad now, just wait till next year when we're in a hyperinflationary depression.

paulbot5 · 11 months ago

I dont think its going to kick in 8 months, krugman says a lot of crap tho, hes overrated

LeftCoastOracle · 11 months ago

Tell the Nobel committee that.

vkobaya · 11 months ago

Everybody says a lot of crap. We are all human including Krugman. But for a human, he's right far more than he is wrong or spouting crap. Nobody knows what is going to happen. Nobody, not Krugman, not Obama, not Pope Ratman, etc. Next week, someone could publish a paper with the solution to cold fusion and the end of all our needs for energy or any material goods. Or slightly more plausible, the solution to fusion energy, a lot more expensive, difficult and time consuming to implement, but still that will be the salvation of world economy. Well, eventual salvation. Only God knows ... if you believe in God. Otherwise, no one rates as the great wiseman with all the answers. Krugman simply has been right many times, maybe even wrong more often than he is right, but still way, way ahead of the right wing bozo economists who simply exploited an opportunity to steal everything in sight while pretending to be surprised when what they said was bullshit.

Real Doozy · 11 months ago

Perhaps you should read Jim Rogers, he got terrified three years ago and moved to Singapore. Today, he shovels his money into Swiss Francs and Japanese Yen, while buying up farm equipment because he truly believes we are going back to the beginning.

vkobaya · 11 months ago

while buying up farm equipment because he truly believes we are going back to the beginning.

I hope those farm implements are hand tools because there won't be any fuel to run any power equipment.

Craig · 11 months ago

With the failure of the auto industry loan bailout, the job market situation will only get worse. I don't think 10 percent unemployment is impossible anymore. Welcome to the first depression of this century.

aquarius2 · 11 months ago

Oh but let's give those Federal judges their cost of living increases.

vkobaya · 11 months ago

Let them eat cake.

LeftCoastOracle · 11 months ago

So... now we know why Cheney has moved all of his money offshore - into Euros and Yen and into Swiss bank accounts.

Jymn · 11 months ago

This comment is titled "head up the ass". Ugh. Aravosis, you're no Krugman. Stop shoving your head in the sand. Methinks you are a tad a victim of right wing obliviousness. The market is the direction. See it. Understand it. Stop denying it. This is not climate change denying. This is as much contemporary. Come back to us John. Don't join them

Alrightythen · 11 months ago

Okay, I'm going out on a limb here & invoking the idea that sometimes the "best" solutions are the simple ones.... In that vein, I think this is how we "get out of it". First, accept that there is no magic bullet solution-- multiple approaches are the way to go. Second, accept that it will be frustrating and hard. I'm convinced that for some time we will have to step backwards technologically to some degree. Three, get ready for a 'sweat equity' revolution. Four, let go of preconceived notions of comfort. There are probably umpteen more. For years many people have been attempting to develop economic practices that are a combination of barter & currency. They were largely ignored because the federal printing of money was just so much easier, I guess. I believe that now is the time to revisit LETSystems & Ithaca Dollars/Hours-style approaches to commerce/survival. What I think will keep people from starving while the convulsing global economic monetarist approach is re-invented is multiple, inter-active, inter-connected community-based trade/monetary systems based on skills & time availability. Then we rebuild from the local community UP. One million people a month out of work-- that's a super shitload of sweat equity & time availability.