Oh deadcode, seriously, you want to set the reading requirements before commenting on your threads. I'm down, but let's cut the blog and wiki crap then.

For a start, check Krugman/Obstfeld's introductory textbook, chs 17 - 19. The discussion of the historical role of gold is there, and if memory serves me right it has been an asset for value reserve since Dinossaurs were playing around with Adam and Eve. Here's a link to the summaries: http://wps.aw.com/aw_krgmnobstf_interecon_8/84/21573/5522920.cw/index.html

Ben knows his intro economy and you can see how disturbed he was with such a basic misunderstanding. I imagine his heart stopped for a few seconds when Ron started lecturing him on "6000-years economic laws", lmao.

As far as spinning goes, that's what these guys do on public appearances. If Ben and Ron weren't good at spinning, they wouldn't be where they are today. Credit goes for Ben though for not interrupting or changing topics in the process.

Now, if you excuse me, I'm moving to the porn thread

economics

I'm very familiar with Krugman and his theories. He was the one who advised Obama on all this stimulus crap. When the results weren't going as planned; he bailed and turned into a critic of the administration. Now he says that Obama didn't do ENOUGH stimulus... please.

Is that your conclusion as well?

It's funny; even Putin understands the Fed's racket:

http://www.infowars.com/vladimir-putin-calls-bernanke-a-hooligan-angry-at-american-money-printing/

that's not the story, deadcode. I'll let the man defend himself: http://krugman.blogs.nytimes.com/2010/07/28/how-did-we-know-the-stimulus-was-too-small/

Also, I seem to remember him sayng back then that the stimulus package is like trying to put down a fire with a blanket. If the blanket isn't big enough, it will not only fail to put the fire down, but feed it and make it larger. He's a smart guy.

Amazing that after you flush 5 trillion down a hole; that there will still be someone there saying the reason it didn't work is that we needed to flush 8 trillion instead.

btw; thanks TC for articulating that way better then I did.

Bernanke always spins. The quiver in his voice is also really annoying.

Btw; for those of you who don't have a handle on the magnitude of 5 trillion dollars (i mean who does). 5 trillion dollars; is 2 times the United Kingdoms total economy in a year. We just flushed two years of UK's gross domestic product down the toilet with no impact at all. And Krugman is saying we should have spend 3 or 4 times the UK GDP instead.

If the US press didn't have their heads up their asses; the headlines would read "Biggest Scandal in History of the World!".

fox news has its head up its ass?