ROFL - when was that moron ever right? Meanwhile inflation was below the consensus.
- Jun 7, 2018 — Economist Paul Krugman wrote that by 2005, it would become clear that the Internet's effect on the economy is no greater than the fax machine's.
- he was wrong about survival of euro.
- Wrongly predicted fall of dollar accompanying the housing bust in 008
- Time and time again he predicted doom for Trump policy and in 10 years it has never happened. February 11: Paul Krugman expects a global recession this year, warns “we don’t have an effective response.”
August 1: “Why Was Trumponomics a Flop?”
August 15: “From Trump Boom to Trump Gloom”
September 5: “Trumpism Is Bad for Business”
October 3: “Here Comes the Trump Slump”
October 24: “The Day the Trump Boom Died”
The mental midget of the markets.
Opinion Constantly wrong economist warns of 'economists who won’t admit they were wrong' By Brady Leonard December 21, 2023 12:19 PM Twitter LinkedIn
www.washingtonexaminer.com
Trump's 'Liberation Day Tariffs' Have Backfired, Says Economist Paul Krugman: The Chinese 'Know What They're Doing,' America Doesn't
Nobel Prize-winning economist
Paul Krugman is warning that President
Donald Trump’s “Liberation Day” tariffs are backfiring, as he argues that China now holds the upper hand in the escalating trade war.
In his newsletter on Monday, Krugman said that Trump’s tariff announcements six months ago were “a massive betrayal of the world's trust,” noting that previous tariff reductions were achieved “through many rounds of international negotiations, in which the U.S. and other nations solemnly agreed not to backtrack.”
Krugman said Trump now appears surprised that other countries are retaliating, referring to
China’s new export controls on rare earths, which include several vital inputs for U.S. industry.
Reacting to the administration’s hypocrisy on the matter, Krugman said, “Gosh. Aggressive unilateral trade action is a ‘moral disgrace.' Who knew?”
Krugman said that there is “one big difference” between the trade strategies of the two countries, and it is that, unlike the U.S., “the Chinese appear to know what they're doing.”
He warned that “America is more vulnerable to a rupture than China is,” adding that “the U.S. economy is dependent on China for critical inputs, above all those rare earths.” While China can “stimulate domestic demand” to blunt the impact of lost exports, he cautioned that weaning off Chinese supply “would take years” to achieve.
He also stressed that Trump has eroded America's traditional sources of advantage, such as its scientific heft and relationships with allies. “So we may be entering into an all-out trade war with China, having destroyed the non-trade advantages America used to have.”
Krugman concluded, saying, “It's bad when the world sees you as a bully; it's worse when the world also sees you as weak,” while adding that, “the man who promised to make America great again has probably ended our position of global leadership for the foreseeable future.”
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