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Krugman Loses Debate with Ron Paul, then Dismisses the Debate Forum and Ron Paul

Ron Paul seemed to have got the better of Krugman in their recent televised debate.

Krugman's response?:

Face to face debates are useless! He belittled Ron Paul's arguments as "Gah Gah Goo Goo"


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Ha ha ha ha ha ha

Wipes away tears of laughter*

It's a case of defending his position because Krugman worried for his reputation (it's his income).

For a guy that just copies statistics and the facts that are fed to him by others he has to desperately lick his wounds and save face. He'd rather be in denial than say he is wrong.

A slave to his income. His book selling.

Somehow people like krugman think they are entitled

Somehow people like krugman think they are entitled to debase YOUR money in the name of THEIR pipe dreams on how society and the economy should function

Such hubris especially when they don't even understand economics!

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sharkhearted's picture


...they ignore you.

Then they ridicule you.

Then they fight you.

Then you WIN!

Norfolk, VA

Norfolk, VA

Time to INVESTIGATE the investigators of 9/11. PROSECUTE the prosecutors. EXPOSE the cover-up.

"I was a deficit hawk during the Bush years" Paul Krugman lol

Right now (9:15 PM ET 5/1/12) Krugman has a very popular AMA on reddit. Unfortunately the libertarians are being smothered out by lots of adoring high school students, college economic 101 students, and college professors. A few slick Ron Paul supporters have gotten some responses from Krugman. Here is a good one!

Here are my questions:

•At the end of your entertaining debate with Ron Paul you claimed that the dollar was not being debased because it's up versus the Euro. But what does relative currency pricing have to do with currency debasement? The dollar can still easily be debased while simultaneously performing well against other poor-performing currencies can it not? The purchasing power of the dollar is the best gage for how valuable a currency is right?

•Why are you so steadfast in your defense of the Fed? Forgive me if I am misinterpreting but it seems that you don't think the Fed played even the tiniest part in our recession. Don't Austrians and other critiques of the Fed have any actual legitimate concerns about the Fed and how it uses it's influence? Shouldn't we at the very least have a full audit of the Fed? Do you dispute the Fed having any influence in the boom/bust business cycle?

•You seem to think that we can pursue this expansionary policy forever. You have called for additional government surplus' and at least one more round of QE. Do you really believe that we can pursue this policy indefinitely without experiencing consequences, consequences some say we are experiencing now? Your position on the debt seems to be more or less the same as well. That it can keep building and building without any sort of backlash.



If dollar "debasement" doesn't mean a fall against other currencies, then it's just a loaded term for inflation. And the fact is that inflation in recent years hasn't been high -- it's fluctuated but on average been around 2 percent, which is low by historical standards, and in particular a lot lower than the inflation rate during Ronald Reagan's "Morning in America". So where does this heated rhetoric come from?

I actually don't defend the Fed in all cases -- see my magazine article from last Sunday! But the right critique of the Fed is that it's failing to deliver on its mandate to pursue full employment, not that it's doing something that Ron Paul may consider dangerously inflationary but actually isn't. As for auditing -- audit what? The Fed isn't a business; its job is to manage the economy, and the audit there is what's happening to unemployment and inflation.

Last, I don't actually call for deficits forever -- I was a deficit hawk during the Bush years, back when a lot of the people now ranting about deficits were just fine with unfunded tax cuts and wars. But now is not the time. And where exactly are those consequences? US borrowing costs are at historic lows; people with actual money to invest don't seem worried at all.


He struck me as quite disingenuous during the debate. I think he knows he's wrong. At least on some things. There's know way he doesn't know how legal tender laws work.

lol Krugman is a b!tch

He wasn't publishing any comments that were not in his favor on his blog at all yesterday. I guess in an attempt to not look like a coward, he has started to publish one or two comments per every 10 that his brain dead zombie followers post. I guess to give an impression there is a discussion/dialogue. None of my comments made it on. And I know a gang of people from here tried to post and none of their comments made it on there either. He's a b!tch and he know's it. We are in a world economic crisis because of people like him making economic decisions. But yet the people like RP and Peter Schief who predicted all of these issues are some how the crazy ones in LA LA land. What a joke. phuck Krugman and honestly screw all of the sleeping sheep that pay him any attention.

Only one of mine made it on.


Brilliant Hosrecrap Krugger. That part about the price of oil and food was golden.

It's all relative, fella. A high school dropout knows that you can't continue piling on dirt trying to get out of a hole.

By the way, Richard Fisher was right behind you on BoobBerg and seemed to have the opposite opinion of you.. Of course all of the fiscally conservative Chairmen will be cycled out soon enough, so you and your loonies can continue to steer the US economy into the dirt.

People won't be as forgiving in this day and time when they wake up and realize what you're all doing.

Keep up the good work, though.

Patriot Cell #345,168
I don't respond to emails or pm's.
Those who make peaceful revolution impossible will make violent revolution, inevitable.

He probably had his "epiphany"

about debates, right after he read hundreds of RP comments on his blog slamming his illogical stance. Uh, sure, inflation doesn't effect oil and food prices..pssh.

I need to go find this one comment that quoted Keynes on inflation which flew in the face of Krugman lol.. That was priceless.

BBL. :)

Edit: Here it is.. Man I had to reread all 300 frigging comments to find it.

Mr Krugman, Thank you for taking the time today to discuss these most important issues with Dr. Paul. I have one question for you.

I noticed you never denied the suggestion that when government/central banks inflate the money supply it is theft. I imagine you do recognize the truth in this statement. Keynes himself was very clear on this point.

“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. ~ John Maynard Keynes”

Do you believe that economic policies that confiscation wealth is good for the market? I don't see how you could.

Patriot Cell #345,168
I don't respond to emails or pm's.
Those who make peaceful revolution impossible will make violent revolution, inevitable.

bigmikedude's picture

So in other words, the title of this post should be changed to:

"Krugman Takes Ball and Stomps Home."

yes, krugman gets ass handed to him

runs home to his conscious of a liberal column
to tell you how he should spend your money

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Legal money

Didn't he say something about Ron Paul being wrong about not being able to use other forms of money? That you could if you wanted to? If that's true, why did the fed go after Chucky Cheese for their game coins for looking too much like "real" money?

Paul Krugman certainly seemed

Paul Krugman certainly seemed to endorse bartering. I guess in Paul Krugman's world, goats, cows, chickens or other bartered services are an equal and adequate competitive alternative to the dollar. None the less, that won't work with paying your taxes. And it isn't a very efficient manner for conducting tranactions.

the founder of liberty dollars

a gold and silver dealer was found guilty of counterfeiting and labelled a terrorist

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And a nice refutation of

And a nice refutation of pretty much all of Krugman's arguments in the debate itself:


Governments and depressions

"The truth is, the government cannot prevent depressions; it can only cause them."


And One Good Turn..

...Deserves another:

Really rips Krugman!

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

Here's another Krugman blog

Here's another Krugman blog about the debate, in which he makes a bunch of stupid accusations against Austrians..quite the opposite of the "facts and figures", the lack of which he bemoans in the later blog.


reedr3v's picture

I so look forward to the many refutations

of Krugman's slimy comments, to come from the Austrian economists.

Charles USA

If you've "thought a lot about the uselessness of face-to-face debates" then why did you agree to participate in one? Answer: you thought you would win, you decisively lost, and now you have to retroactively mock the format rather than the substance of the give-and-take.

PS: I do wish you'd correct people who identify you as a "Nobel Prize winning economist" when (a) the proper name of the prize you won is the "Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne" (the Swedish Central Bank prize in economic sciences in memory of Alfred Nobel); (b) the prize was for your work in international trade, NOT in any discipline related to either monetary or fiscal policy.

Just because Ron Paul was both a surgeon and a gynecologist doesn't mean economists have in-depth knowledge of multiple fields too.

“Give a man a gun, he can rob a bank. Give a man a central bank, and he can rob a country and the world.”

obama and krugman both won nobel prizes

nuff said

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obama and krugman both won nobel prizes

nuff said

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"the reality is that that

"the reality is that that kind of smackdown, like Perry Mason-type confessions in court, almost never happens."

And then...all of a sudden. It did, didn't it?

goo goo gaa gaa.. buy my book.

Posting this link

at the top, I also posted it below but I wanted to put it at the top just in case

Here is good demonstration of inflation a kid will even understand, Krugman says we are not debasing our currency LOL what a joke


Wow! How are we ever

Wow! How are we ever supposed to solve differences if people refuse to debate the merits of their positions?

Paul Krugman must feel that he did not debate the virtues of Keynesian economics and Ron Paul very well, other wise he wouldn't have condemned the forum.

Correct he felt so out classed by the good doctor

That he refused to participate in the second half of the debate choosing instead to seek refuge in his conscious of a liberal column whining about how only his syncophantic supporters "understand" his brand of statist monetary policy

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Krugman is not

Trying to debate the issue, He is there to try to sway opinion away from Ron Paul. A sign that the fed is getting more and more nervous.

itsallaboutbalance's picture

I agree...

however I feel the last couple of interviews have been really really good and fair from the hosts. They really treat him well and fair and as an expert in the field.

"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident."

I think this is true

The minimum wage, when I was younger, was 50 cents. It was a baseline that people could not support themselves. Therefore, those jobs were stepping stones to an incentive to either get more experience or education to rise above that status.

Now it is being called a living wage. No incentive to do any better. We had a "temporary" state tax of 1 or 2%, no state tax on taxes already paid to the fed. Now we have a permanent 7% and we pay tax upon the tax we send to the fed.

If we did away with the minimum wage, we would have people not wanting to work for it (market would determine the wage). We also wouldn't have large corporations with a pyramid of wages--few at the top and many on MW.

Paul is right, go back to a gold/silver standard and all the phony cost of living inflated dollars would disappear.

Thanks for the post



at work....

I was always taught If you work hard you can go far. But today they teach if you work hard you can go only as far as someone who does not try.