Friday, October 9, 2009

wilful denial

I sent my dad an email listing six fundamentals of the economy that are worse now than during the Great Depression along with a couple of graphs demonstrating this.  I also sent him recent article, Oct 07, where Paul Krugman said that world trade, which I didn't include as one of the six, is also worse. So that makes at least seven economic fundamentals that are worse now than during the Great Depression.

"When it comes to international trade, actually it’s not the Great Depression, it’s worse,”

Both my parents are raving Paul Krugman fans.  They think his word is gospel, or at least they used to...Krugman has been pretty upbeat up until now, and like all the other talking heads out there he chooses his words very carefully.  So I asked my dad, did you read the article? Yes he replied.  Well what do you think.  Well I have to see what he is referring to., a fundamental of the world economy?  Well I have to check the context.  The context?  How much more context to you need?

"Paul Krugman won the Nobel Prize in economics last year for his work on international trade — so the guy knows what he’s talking about when it comes to this subject. And he’s worried."

dad...have to check the context and what he means by that
me....he means trade, a fundamental of the world economy
me....Paul Krugman says it's worse than the Great Depression
dad...well Krugman has always been a fan of Obama you believe him?
me.....I mean you either take him at his word or you don't.
dad...don't start with me...

At this point my dad goes into defense mode and I stop pressing.

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