Paul Destroys Paul
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Yesterday, the world was given a treat. Bloomberg TV pit the Nobel-prize winning establishment shill Paul Krugman against the intellectual heavyweight and presidential candidate Ron Paul. Half of the debate was painful to watch; I assume I don’t need to say which half.
- Paul Krugman being completely unable to understand that while he tries to play off Ron Paul for trying to pretend we are living 150 years in the past, Krugman is advocating the exact policies that brought down the Roman Empire. (Ron Paul totally took that one straight out of Ludwig von Mises’s Human Action. Doesn’t he know that book is like 70 years old?)
RP: “Professor Krugman indicates we just want to go back 100 years or so. That’s not exactly true. We want to improve on what life was like back then. But he wants to go back 1,000 years or 2,000 years just as the Romans and the Greeks and all other countries debased their currency. They didn’t have a computer. This idea that we need a Federal Reserve to run things or a central bank — that is just a modern times.
What did the Romans do to their currency? The Byzantine Empire had a gold standard for a thousand years and they did quite well and they didn’t fight wars. But the Roman empire eventually destroyed their currency. They put in wage and price controls before they diluted the metals. They inflated. They thought wealth could come by fooling the people. Who would want today – if they had 10 years to send their kid to college, would they put their money in gold coins or a Treasury bill making 1% or 2%? They can’t keep up with the inflation or the devaluation of the currency.”
PK: “I’m not a defender of the economic policies of the Emperor Diocletion, let’s make that clear.” (YES YOU ARE!)
Also, this wasn’t mentioned, but the thirteenth century policies of Gaikhatu Khan were hardly different from what Krugman
You can read the rest of this article at: http://libertarianlonghorns.com/2012/05/01/paul-destroys-paul/