- Inflation and corporate opportunism causes goods and services to become wildly expensive.
- Discretionary spending collapses due to exorbitant costs, but essential consumption remains steady or increases.
- Cost of extraneous goods and services decreases due to reduced demand.
- Paul Krugman narrows CPI to exclude 50%+ of household consumption, focusing only on commodities with falling demand.
- Victory declared.
“You know, if you exclude goals scored, my team won!”
You kids and your need for shelter and food. Back in my day we ate hats and slept under a bottle cap.
Their whole thing is line go up but they can’t even do that and are coping by just drawing scribbles on walls with crayons
Michael Hudson talks shit about Krugman all the time and it’s hilarious
I started looking around to find some examples and I’m having a blast
MICHAEL HUDSON: It’s not a straw man argument; it’s deliberate ignorance. You have to really have tunnel vision and not understand the most basic economic history to make the misrepresentations that Krugman said.
And if I hadn’t met him, and I didn’t know how really stupid he is as a person, I would think he’s deliberately lying, but I have met him and he really is that stupid.
That is the specific statement I remember lol, I watched the video embedded on that page. If you haven’t already, I suggest reading/listening to the whole thing because it’s quite funny yet informative.
So Krugman doesn’t understand the difference between paying a domestic debt and paying a foreign debt. And that’s because he doesn’t understand foreign trade.
If he understood foreign trade and debt, he never could have won a Nobel Prize. A precondition for winning the Nobel Prize is not to understand how international finance works so that you can act to preserve the kind of financial superstition that’s taught in the universities like the University of Chicago.
![[Not the Onion] Nobel Prize winning economist says Bidenomics is working if you exclude food, energy, shelter, and used cars.(hexbear.net)](https://hexbear.net/pictrs/image/056e2b2f-c3f7-43b4-84ae-511a72338a87.png){kind=link}