Ep. 67 Protectionism Is Bad (but When Democrats Support It, Krugman Will Find Excuses)

3 January 2017     |     Tom Woods     |     12

Krugman disagrees with Trump’s trade policies and thinks they’re grounded in falsehoods (e.g., China as a “currency manipulator”). You’ll never guess what Krugman has said in the past when Democrats have flirted with protectionist ideas….

Krugman Column

And the Trade War Came” (December 26, 2016)

What Krugman Once Said

Taking On China,” by Paul Krugman
Protectionism and stimulus (wonkish),” by Paul Krugman
My Reply to Krugman on Austrian Business-Cycle Theory,” by Bob Murphy

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  • whateverdude

    yo! let us flow!

  • Bob_Robert

    I was listening to the song at the end, thinking, “Hmm. He’s taking it up a half note consistently. Not bad, but is it a mistake?”

    Takes skill to not follow the notes in the ear, Bob. Well done. Since I’ve missed you at PorcFest and the CCruise, I will now agree you sing well. Thank you.

  • Luke Perkins

    Holly cow… Bob can sing. I always thought it was some inside joke about karaoke nights… guess not =D

    Now I’m wanting the Contra Krugman Christmas cd…

    • Icy Blast

      He’s no Andy Williams. But at least he doesn’t sound like Mick Jagger singing “Angie.”

  • http://tklist.us TKList

    Blame big government (excessive regulation, excessive taxation, excessive spending and the Federal Reserve) for hoarding off-shore, outsourcing, corporate inversions and the problems of American workers; not innovation, not technology, not immigration, not globalization, not foreign currency manipulation, not foreign subsidies, not journalists, not the media.

  • http://www.jesus-on-taxes.com/ Ned Netterville

    Krugman’s all-time stupidest comment is in his NYT column of Nov. 10, 2008. Arguing that FDR’s massive government spending programs didn’t go far enough nor spend enough, resulting in the worsening of the already record-long Great Depression in 1938, Krugman wrote: “What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.” http://www.nytimes.com/2008/11/10/opinion/10krugman.html

    War a “fiscal stimulus!?!” World War II an “enormous public works project!?!” Question: What kind of degenerate mind would describe the worst man-made calamity in human history in terms of lives lost and wealth destroyed in such flowery economic terms? Answer: Only the mind of a disciple of the immoral John Maynard Keynes. https://mises.org/system/tdf/Keynes%20the%20Man_2.pdf?file=1&type=document.

    Nor is there any truth to Krugman’s assertion that WW II brought an end to the Great Depression. Those who died in WW II are no longer around to tell Keynes and Krugman that even the Great Depression treated them better than WW II, economically and mortally. The Depression didn’t end until after FDR’s war was over.

    • James Smith

      I would say that his stupidest comment dovetails onto that one. Actually, there are two:

      1. Once when he said that if this country gets into a war, it would turn the economy around. He said this when the US was involved in 2+ wars (Iraq and Afghanistan and various bombing campaigns in at least a few other countries).

      2. When he said that if the US prepares for an imaginary extraterrestrial invasion, the economy would improve.

      • http://www.jesus-on-taxes.com/ Ned Netterville

        Hey, maybe Murphy or Woods could edit an anthology of Krugman’s most inane pronunciations.

    • Fred Bastiat

      “If we discovered that space aliens were planning to attack, and we needed a massive build-up to counter the space alien threat, and inflation and budget deficits took secondary place to that, this slump would be over in 18 months,” Krugman says, referencing an episode of The Twilight Show in which an alien threat was manufactured to bring about world peace.” – Krugman

      I might have present another Krugman contender for all-time stupidest, since his alien invasion comment was based on the same fallacy – but also complicated it with the abstraction of aliens. So a lives lost and property destroyed – but by aliens. All for the greater good my grey skinned large headed alien comrade.

      That aside, my old dead friend Fredric Bastiat’s Broken Window Fallacy completely destroys Krugman’s arguments You have to account for stealing that first dollar, you have to account for losing a capital asset, etc. All the economic growth is based on a dollar that already existed and would have gone somewhere else. Sorry new pair of shoes beats new tank any day.

      • http://www.jesus-on-taxes.com/ Ned Netterville

        Bastiat would have had a field day flagellating Krugmania.

    • Icy Blast

      People like Krugman should be drafted into the infantry – and sent to the Middle East immediately.

      • http://www.jesus-on-taxes.com/ Ned Netterville

        Gud idea. And since Keynes is already dead, every under-educated economist professing to be a keynesian should be forced to read Keynes’ GENERAL THEORY, ETC., which most present-day keynesians have never read, followed by reading Henry Hazlitt’s THE FAILURE OF THE NEW ECONOMICS, and, THE CRITICS OF KEYNESIAN ECONOMICS. That should cure ’em.