Fake news champ Paul Krugman beclowns himself on bitcoin
Paul Krugman, who really, really, really wants you to know on his Twitter account that he's a Nobel laureate in economics, has made a name for himself for his bad economic forecasts.
So bad, in fact, that President Trump and the Republican Party have awarded him their top spot in their 2017 Fake News Awards, writing:
[Twenty seventeen] was a year of unrelenting bias, unfair news coverage, and even downright fake news. Studies have shown that over 90% of the media's coverage of President Trump is negative.
Below are the winners of the 2017 Fake News Awards.
1. The New York Times' Paul Krugman claimed on the day of President Trump's historic, landslide victory that the economy would never recover.
It's pretty bad when someone with a Nobel Prize in economics can make such an ignorant call. As I noted here, nobody in the markets takes anything this windbag says seriously. Just look at what he "thinks" based on his Nov. 9, 2016 column:
It really does now look [as though] President Donald J. Trump, and markets are plunging. When might we expect them to recover?
Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.
Still, I guess people want an answer: [i]f the question is when markets will recover, a first-pass answer is never.
The guy is so blinded by his ideology that he can't even analyze objective facts.
But it's actually worse than that, based on a trip to his Twitter feed. He wrote this about bitcoin:
Meanwhile, something I didn't know about BTC: it's highly susceptible to manipulation. "The suspicious trading activity of a single actor was the primary cause of the massive spike ... in which the rate rose from around $150 to over $1,000" https://t.co/6XATdpzUU5— Paul Krugman (@paulkrugman) January 16, 2018
Something he didn't know about bitcoin? That the invented cryptocurrency favored by pirates is "highly susceptible to manipulation"? D'oh! It sounds like Krugman thought the speculative ledger program was actually money. Prominent investor Kevin O'Leary calls it "an asset" at best. Leading investment manager Jeff Christian calls it "the ultimate pet rock" of investments, "a Ponzi scheme," and "a gigantic speculative play."
Economists have been warning about bitcoin hype for years. Leading monetary economist Steve Hanke told the New York Times:
"To say highly speculative would be the understatement of the century," said Steve Hanke, a professor specializing in alternative currencies at Johns Hopkins University.
So now Krugman is just discovering that this cryptocurrency is easily manipulated? And he's dumb enough to admit it for all to see on Twitter? Apparently, he doesn't even know what he doesn't know. Nobody of his caliber, who wants to give you investment advice and run your life as a Democrat, should be making a discovery like that.
But he is, stating the obvious that the markets have known for years. He's simply embarrassing himself.