I'm glad Paul Krugman is criticizing Bitcoins.
http://nyti.ms/1d2bkm8 - "Bits and Barbarism"
http://mobile.nytimes.com/blogs/krugman/2013/12/28/bitcoin-is-evil - "Bitcoin is evil"
This idiot totally missed the housing bubble, and hasn't predicted any major
The public who believe him will help keep the prices of Bitcoin down as I buy more of them.
Paul is a water boy for the NY Times and the too big to fail banks who
benefit from money manufacturing and manipulating.
They are afraid of Bitcoin, and hire Paul to write such articles.
Paul also criticizes gold, yet fails to explain why gold is up as high as it
It was $35 per ounce before the Federal Reserve started debasing the currency in 1913.
"The odd thing, however, is that for all the talk of currency debasement, such debasement is getting very hard to find. "
Hard to find?! Kruger can't find inflation?
How about plane flights? Food prices. College education.
I listen to Max Keiser, who first started talking about Bitcoin a year ago.
Peter Schiff also has a good track record for predicting what will happen.
Peter Schiff writes that Paul Krugman's ideas "were so nonsensical that the award committee should ask for its medal back". Peter says the Krugman is "clueless" and challenges him to a debate.
I measure the quality of an economist by his ability to predict what will happen.
Bottom Line: Do people make money off the economist's predictions, or not?
Peter Schiff has been the most accurate, and makes big money for his clients.
Krugman is a college professor, financially dependent on his salary at Princeton.
He writes papers and books about the past. But investors need to know the future.
If Krugman really knew the economy he would be a multi-millionaire like Schiff.
People would come to Krugman for investment advice, like people ask Schiff.
Krugman dresses cheaply as a college professor. Schiff wears $2000 suits.
Years ago, Schiff showed all these laughing "experts" to be wrong.
They are not laughing now. Now we laugh at them.
Schiff goes point by point about why Krugman has been proven wrong, and should return his Nobel prize. The Nobel committee also gave a Peace Prize to Obama, who authorized the US to get in to Libya and Yemen, killing more people, including assassinations of innocent people with drones. A Nobel Prize seems to mean you are bad at something.
Ron Paul also shows Paul Krugman to be clueless.
Paul Krugman obviously has never run a business. He is totally Ivory Tower.
He went through school, got a PhD, then joined the MIT faculty, then Princeton.
He seems to think that the ability to borrow money cheaply, is the key to success.
No, the ability to make profits, so you never have to borrow, is the key to success.
Peter Schiff explains why the Government stated inflation rate is artificially low to bamboozle the public.
If you count things before our eyes that we actually buy, food and gas, the prices are obviously is going up.
Just ask your wife. I see them go up every month on the stuff I buy.
The wise people are often in the minority.
It is not "majority rules" when it comes to truth - especially about the economy.
The people who make most money in the market are the early birds,
not the people who go along with the majority who flock later, and miss out.
The dollar is weak, as indicated by gold prices.
In 1912, $50 would buy an ounce of gold, the face value
In 2012, it takes $1600 to buy an ounce of gold.
The value of the dollar has gone down to 50/1600 = 1/32 of its original value.
Peter Schiff's Analogy of the Economy as a Person
The economy is a living system, like a person.
Easy, free money, from the Fed is like a drug, such as cocaine.
It gives a false sense of high - an unnatural stimulant.
It is happiness without doing anything good to earn it,
such as the happiness that comes from creating a good or giving a service.
QE1 was like injecting morphine into a cocaine addict.
It offers only temporarily relief.
You have to fix the cause of the patient's illness, low productivity.
He has to go through withdrawal (recession and restructuring) to cure it.
QE2 was a larger shot of morphine, offering another temporarily relief.
But making it harder for the patient to fix the problem.
QE3 will require an even larger dose of morphine.
The patient has lost touch with reality, and cannot be productive.
Eventually the morphine won't work.
If morphine (QE's) was actually good for us, then the Fed would do it all the time.
So, Frank, why does Bernanke hold back on doing QE's if they are so good for us?
Bernanke knows that the more QE's, the more he has to up the dosage.
The patient will eventually overdose and die - meaning the economy will collapse.
No one will accept dollars, except for toilet paper.
Then America is in deep do-do.
We will not be able to pay the soldiers, and could be attacked.
Our $16 Trillion debt, not terrorists, is the #1 National Security Threat.
QE only postpones the problem, and makes it bigger.
The USA has maxed out its "credit card" and is $16 Trillion in debt - the biggest in history.
A stack of dollar bills (1 millimeter each) going to the Moon is $384.4 billion. (384400 kilometers)
$1 Trillion would be 2.6 stacks to the Moon.
$16 Trillion would be 41.6 of those stacks.
The US Government even owes $3 Trillion to China.
Our bloated Government and military expenses have made China richer than the USA.
The Chinese are quietly buying our assets, businesses, gold, and lands.
As factories and jobs are moving from the USA to China, we lose our ability to produce.
If the world loses faith in the Dollar, and it crashes, as with Zimbabwe,
they could eventually own us and our country without firing a shot.
Our only hope is to cut spending drastically - like anyone should who maxes out their credit.