Paul Krugman vs "Internet Superintelligence":
1. Paul Krugman recommended investing in real estate and stocks while making fun of gold investors in 2002.
2. Paul Krugman thought the Fed should inflate a housing bubble in 2002.
3. Paul Krugman declared a $600 billion stimulus plan was required in November 2008. In 2009, he complained that the Obama adminstration's $787 billion stimulus plan was too small.
4. And he was a bit late in recognizing the obvious.
"Due to the sizeable bear market rally that began in March 2009, many, if not most, economic observers are presently convinced that the global economic difficulties of last autumn are largely behind us now, courtesy of the aggressive, expansionary actions of the monetary and political authorities. They are wrong. It is not over. It has only begun. I believe that what we have witnessed to date is merely the first act in what will eventually be recognized as another Great Depression."
- Vox Day, The Return of the Great Depression, June 29, 2009
"We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense."
- Paul Krugman, The Third Depression, June 28, 2010
voxday.blogspot.com
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