Keynesian hate thread

Also Paul Krugman hate thread.

Other urls found in this thread:

fortune.com/2017/03/15/fed-meeting-interest-rates-increase/
en.wikipedia.org/wiki/Neoclassical_synthesis
twitter.com/SFWRedditVideos

Fax machines revolutionized business. They're still in use today.

What the fuck.

Yeah the more you read into the quote the more retarded you realize he is. The conclusion he derived from Metcalfe's law is also extremely retarded, not sure where he got that one from.

((economists))) pretty useless degree I might add

Yeah of course it is, but it's a dangerous one. The people who hire economists mostly benefit from Keynesian ones (e.g government institutions/politicians), so most universities changed their model to it. As a result all our economic "forecasts" are always extremely fucking retarded

Economic (((science))) couldn't predict shitposting? I wonder what else they missed?

"let's solve the tech bubble by creating a housing bubble!"

if Krugman is really smart, why isn't he a billionaire?

ok so i love to hate paul krugman and typical quantitative easing fags but he did school ron paul about milton freidman about the federal reserve, a lot of people dont know milton freidman actually disapproved of the federal reserve in the sense that it didnt do ENOUGH to stop the great depression instead of causing it or criticizing the system. it really opened my mind on a lot of things. economics is defintely more subjective than just one side vs the other

When you're so far off the ground, the floor is just clouds. The disconnect these scholars must have to regular day to day folks must be staggering.

The Internet in and of itself is an economy. If a country chose to close down its citizens' access to the Internet in order to prevent propaganda campaigns and psychological warfare in the form of things like the Arab Spring, their economy would be significantly damaged as a result.

>all by design

this
also
> but muh nobel...
remember who got the peace one

but he has a nobel prize?

this guy and his predictive prowess was in charge of the Fed
we can thank him for QE and other trillion worth programs that led us nowhere

kek

That's not exactly true. Here's the quote QE-fags use when arguing that:
>“The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.”.
He said that the power they used was used in the wrong direction, not that they didn't do enough. They did too much.
Also:
>“Any system which gives so much power and so much discretion to a few men, [so] that mistakes ‑‑ excusable or not ‑‑ can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic ‑‑ this is the key political argument against an independent central bank. . .To paraphrase Clemenceau: money is much too serious a matter to be left to the Central Bankers.”

>print money
>people are empowered by having more money
>people spend money

What is not to like?

>Krugman

lololol so does Obongo

Yep. He's just the result of a broken system, though. Just discrediting him won't change the fact another faggot will show up right afterwards to do the same shit.

what you mean a "science" that makes no testable predictions is useless?

you print money
you devalue existing
you're stealing from savers
and burdening future tax payers with interest
if you don't understand this extremely basic consequence, you shouldn't be allowed to handle money, and should be separated from society

Saying there's an nobel prize in economics is like saying there's a short yellow bus among all those ferraris

">he's more an historian than an economist"

Sounds good

>if you don't understand this extremely basic consequence, you shouldn't be allowed to handle money, and should be separated from society
Too bad our government, the fed, and most economics professors don't understand it either :')

well in the video paul didnt have anything to back it up. yes freidman argues against the central banking system but pretty explicitly in his dissertation on the depression he says they didnt do enough, correct me if im wrong because i remember looking it up and reading it because it blew my mind.

Anyone want to buy any tulips?

Yes he does say they didn't do enough, but in context it's not as simple as him advocating for the fed, as Krugman would want you to believe. It's just that they made an already-existing problem worse, and didn't use their power to remedy it.

well thats why bitcoin was invented

>people shouldn't buy products from american businesses

>Yes he does say they didn't do enough, but in context it's not as simple as him advocating for the fed

I agree thats exactly what I'm saying, he criticizes the central banking system but the great depression was from them not acting enough, thats the part that blew my mind because I always assumed the very fact of having a central bank contributed to it in the first place. I know Krugman would try to get people to support the federal reserve with some kind of rhetoric like that and I dont believe it Im just pointing out that one part.

Krugman is one of the dumbest Jews out there, and that's saying a lot.

When will the party stop, how much longer can QE and zero percent interest keep these bubbles inflated

The feds interest rate actually increased if I recall which shows that the economy is improving

Ahh alright then, not much to disagree with then. Although I'm pretty certain he believed a central bank would contribute to the problem in those situations.

Oooor it shows how bad it really is.

Didn't it go up because inflation started to rise, and inflation could pick up in a big way forcing interest rates even higher crippling anyone overloaded with debt. Which is pretty much every corporation and household

No, if it decreased that means the economy can't hold up on its own so they supplement that by lowering interest rates to promote spending, I believe the FED interest rate isn't suppose to be lower than 1%. Right now I believe its .75%

>burdening future tax payers with interest
Because when the government prints money it has to borrow it from a private bank. Why the fuck don't we just kick out the (((central banks))) and let governments print their own money?

My bad its 1% now, before it was .75%
They projected a strong economic boost in trumps term so they rose it

fortune.com/2017/03/15/fed-meeting-interest-rates-increase/

Yes the fed really learned their lesson from 29 and offset the tech bubble to the housing pop. Now the fed is offsetting the housing bubble into this giant catastrophe that is going to be the runaway inflation/currency bubble/ debt crisis that is coming
. Jewlton Friedman would be proud

Sooo the bubbles are getting bigger for a while longer then. Sounds good to me more time to prepare

So he was right?

Fax machines had a great impact and so did the internet.

>not cutting the money supply by a third is not doing enough.

Anyone who thinks Friedman meant "they didn't do enough" by saying this is basically retarded. Just more evidence that Krugman is also, very much retarded.

If they project a stronger economy that means that inflation will decrease justifying the rise in interest rates

next bubble is the fixed income (bond), and that will make the housing one pale
all this QE has printed money that hasn't been used to build and improve businesses, but to enlarge balance sheets with bonds
yields are at a minimum, even negative
basically paying to save money
in summary, we've printed trillions for nothing other than devalue the savers' money
and when the bubble bursts, and all those 401k and mutual funds loaded with bonds collapse, WE'RE GOING TO HAVE A FUCKING GREAT TIME

Are you a Keynesian?

People that see this coming like us will make fortunes from this event and the years following it, people that don't see it coming will decend into madness and probably start eating each other

No

Wait a minute. Now I know that Keynesian economics is typically misused by undergraduates as a case study for what to do when prices are sticky, but there is merit in monetary policy for decreasing interest rates making capital easier to be obtained by businesses. There has been several case studies to show that this, well, works.

Even without wonk-ish mathematics, what is Sup Forums's model for a more viable economic system?

Those trillions that went towards balancing budget sheets were in fact the government's indirect way of making good on the moronic guarantee it stamped on every sub prime loan that squirted out of the housing shit machine it created via Freddie and Fannie. That, plus attempting to overcorrecf the severe dip in economic confidence in all institutions, and attempt to reverse the public's (accurate) perception.

regurgitating the same old out-of-context memes is no way to generate legit criticism
or. it IS the way to start the same old circle-jerk

Course reducing interest rates stimulates business, it's access to free money for most. But it only works for so long, like overclocking a computer you can boost the performance for a while but eventually you overheat it

Keynes was a promiscuous homosexual

he was saying someone else's words there
but keep on going, this is good rehearsal for the next Sandy Hook hoax thread,

good economics is applied mathematics and statistics, nothing controversial about it

bad economists are these sociology/philosophy types spouting shit all the time, they are all basically playing the lottery so they can say "I told you so" and become the visionary of their time

There is no question this man is one of the most embarrassing shit-for-brain shills that our civilization has ever produced. Anyone who quotes him in any manner that is not a disparaging one, or attempts to cite him in support of anything at all, should be shot in sight and be thankful for such light punishment.

Stop trying to trigger swamp nazis

Keynesian Economics is (mostly) correct

Paul Krugman is a faggot "neoclassical synthesis" mainstream economist that libertarians use as a strawman and punching bag for actual Keynesian economics.

Is Krugman wrong about everything? Pretty much, yes. But do libertarians know why he's wrong? Not really.

Krugman is wrong because he's an ideological cultist for our modern banking establishing, supporting the idea that "just giving banks" trillions of dollars will somehow fix the economy.

en.wikipedia.org/wiki/Neoclassical_synthesis

Of course what happens if banks just horde the trillions of dollars the FED gives them, or puts all the money into the stock market and never spends any of it in the real economy?

Well nothing happens except a stock bubble.

And a eugenicist who was married to a woman

this
overcapacity and misallocation

Right, then the Federal Reserve or any other central bank shore up interest rates. Whether or not they are particularly effective is another debacle, but it does show the limits of monetary policy. I get the feeling that there's actually not a whole lot a central bank can do, so I have a hard time understanding the vitriol.

I took a first year economics course as an elective and the only math we did was the slope of a linear line, which they had to teach the class how to do

The whole class was Keynesian economics which they said was the universally agreed upon model by all experts in the fields and disregarded all other view points

Austrian economists make pretty stable predictions though. But as they're not blowing sugar up the government's ass no one really listens to them.

After the banking industry destroyed the economy through mortgage securities fraud, Obama gave Wall street trillions of dollars as a reward

Did this fix the economy? Well the Democrat Party, claims it did but if you look at relevant statistics like debt, wages, savings, costs, etc the entire west is still in perpetual economic stagnation.

Oh they do plenty. Make no mistake about that.

>predict hyperinflation for 10 years straight
>never happens

Austrian School is completely discredited

and they've been misquoted ad nauseam on purpose
hayek understood the need for regulations, and how some markets required the gov, but everyone's been taught that austrian are all ancaps

There's this thing called inflation that exists. Maybe you've heard of it.

>let governments print their own money?
are you retarded?

>there is merit in monetary policy for decreasing interest rates making capital easier to be obtained by businesses.

Not all potential capital investments are equal. Lowering the cost of capital temporarily makes the shitty capital investments look like a good choice. That's how bubbles are created.

you took a shitty elective

getting a msc/phd degree in economics is very hard, basically pure math

what's a meme is economic policy

But if you checked the inflation charts, the bimetallic standard was far and away more volatile than fiat currency. Austrian predictions on hyper-inflation while at the same time advocating a return to the gold standard just seems odd.

No wonder economy is fucked when central Bank sllslllll andn goverments nkeep fucking with it

Monetary policy is going just as the central banks and their central planners want it to go, it's enriching the upper classes and destorying the lower classes, that's the point and that's the result of anything they do or fiddle with. It's pretty easy to understand the vitriol

Keynesian economics was replaced by the neoclassical synthesis after the Israel/Arab conflict caused the oil shock in the 70s

No, are you? There's no upside to NGO CB

Really? That seems pretty low level. My first year economics course had partial derivatives and Lagrange multipliers.

The "banking industry" did not destroy the economy. The government did through incentives, securing, and aid proliferating the dissemination of those toxic "assets" into every economic orrifice of consequence. These are facts. Blaming "Wall Street" and big bad bankers is retarded. Of all parties involved, none but those in charge of government swear oaths to serve and protect the public. And they weren't just grossly negligent, they literally created and encouraged all that caused the collapse. They forced the seed makers to sell poisonous seeds, and paid the sowers obscene amounts of money to sow the seeds in the most valuable soil, then paid some other assholes to water and tend to the seeds, and then paid the harvesters to go around selling the deadly harvest to anyone with two eyes and a beating heart, WITH a label from the government promising that it was guaranteed to cure all ills. The government did all of that shit. And you're blaming the fucking people who got bloody diarrhea and cancer from that shit. Kill yourself.

"just doing my job" is not a defense

Retarded.

No but what the fuck would you expect of a businessman/banker in that scenario. Both sides are completely at fault but the government is more so than the banker. For they are the ones who are supposed to have the interests of the people rather than themselves or their business.

Did you actually mean MSc? Because at my university the economics department was in the faculty of social science. Maybe that's why there was no math?

the government forced the banker? no one forced the Jews to make money by selling bullshit

if we were the Chi-Coms everyone involved would have been hanged

The easiest way to put it: would the shit have happened but for the governments actions? No way in hell--they literally did everything they could to literally force wall street and bankers not act the way they would under any other circumstances. The bankers:"lend money to some asshole with a 480 credit score and stated income? No way!" The government: "Well, you have to or we'll shut you down, but look, here, just lend it to him for one day and if it's as shitty and retarded as we hope it is, we'll give you back all the money you loaned him plus 2% immediately. No risk at all." Banker: nothing, because who gives a shit what the banker has to say in that scenario? And that was just how it started. Everything the government did after that was identical in level of unconscionable retardation. It is almost, dare I say, like they wanted to crash the economy. Perish the thought!

YES THEY FORCED THE BANKER YOU STUPID FAGGOT!!!!

someone who is actually logical here

Not a useless degree. I'm in my fourth year of a B.sc in economics, it's the best undergrad to get into law school with and it teaches you to be literate in finance, programming and advanced mathematics/statistics. You likely don't know a single thing about any field of economics. When you start doing the math you can find some pretty incredible things. I think you'd be hard pressed to find a degree that you can go in so many directions with.

You hate it because you don't understand it.

>law school

Good lord. Save yourself the foreplay and kill yourself now. Trust me.

>arguing over which end of an oligopoly is at fault

who says the government is printing money every time they spend?

How exactly do you intend to profit off of it? Kind of hard without some $$$ already

Literally no one.

Keynes was the competing economic ideology that had to be invented by the Anglos because fascism was already in use.
Tbf the premises of Keynesianism are never applied. Noone does ramp up the taxes to kingdom come when the economy does well. There's always some reason to do a bit more deficit spending.

came here to post this pic
Also checked

Nice get

Wow, that's one of the worst prediction ever.

Is it true keynes used a bunch of freudian pseudopsych to justify his theories

von Mises was pretty based, desu senpai

I have money waiting just for the right moment, I'm not rich but patient, I figure I can turn the money I do have into a whole lot more in the coming years if I just wait