The Nobel Fraud

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Given the horrible state of the economy and the idiocy coming from mainstream economists, I would have thought that nobody would win the Nobel Prize in Economics this year. Instead, the Swedish Central Bank and its minions have awarded this prize to none other than Paul Krugman.

That’s right, a man who gave up economics long ago in order to become a political operative now wears the title of “Nobel” winner.

STOCKHOLM, Oct 13 (Reuters) – American economist Paul Krugman won the 2008 Nobel prize for economics for bringing together analysis of trade patterns and where economic activity takes place, the prize committee said on Monday.

The Royal Swedish Academy of Sciences said the prestigious 10 million crown ($1.4 million) prize recognised Krugman’s formulation of a new theory to answer questions driving world-wide urbanisation.

“He has thereby integrated the previously disparate research fields of international trade and economic geography,” the committee said in its statement.

Just as the Nobel people committed fraud last year giving its Peace Prize to Al Gore (who advocates violence against people who burn coal), the Nobel in Economics this year goes to a person who has no understanding whatsoever of prices and markets.

Unfortunately, he now will be in an even greater position of influence, a man who has declared publicly that we need another “New Deal,” and a man who believes that FDR lifted the economy out of the Great Depression. A man who believes war is good for the economy. A man who rarely says an intelligent thing in his column.

Indeed, this is another dark episode in economics. Prepare for many more, as Krugman now is going to have a prominent place in the upcoming Obama government.

6:25 am on October 13, 2008