Krugman veckans tönt för lång och trogen tjänst

Jag har tidigare skrivit att jag tror att den kände ekonomen Paul Krugman förlorat förståndet och att han underpresterat. Har kommer en sammanfattning av Krugmans missar. De är så grova att de får domedagsprofeternas klimatprognoser att framstå som trovärdiga.

  • Krugman predicted in 1998 that “The growth of the Internet will slow drastically… By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”
  • He suggested that then-Fed Chairman Alan Greenspan should “create a housing bubble to replace the Nasdaq bubble.” (Greenspan did – and it led to the greatest economic collapse since the Great Depression.)
  • He called the U.S. “just a bystander” in global energy only months before hydraulic fracturing and horizontal drilling made us the biggest oil and gas producer in the world.
  • When our sovereign debt roughly doubled during the Obama administration, he complained bitterly that the federal government wasn’t spending nearly enough. (He even wrote a book about it – End This Depression Now! – arguing for “a burst of government spending to jump-start the economy.”) Japan tried this recipe and wound up with decades of near-zero growth and the world’s largest debt-to-GDP ratio.
  • He predicted a financial collapse if Donald Trump won the presidency, then posted this gemon election night 2016: “It really does now look like Donald J. Trump, and markets are plunging. When might we expect them to recover?… A first-pass answer is never… We are very probably looking at a global recession, with no end in sight.”

A stock market crash with no recovery, “a global recession with no end in sight”?

Instead, the stock market began a 50% move higher the very next day.

 

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