Krugman v. Stewart

Jon Stewart responds to Paul Krugman’s criticism:

I think this exchange perfectly illustrates the debate over the Magic Coin Trick. Krugman wanted to get into nuance and detail and talk about this like it was a classroom exercise without real world consequences. But the value of money is entirely arbitrary, determined by how much “full faith and credit” people place in it. It doesn’t really matter if you’re right in some long-haired technical sense if the market decides you are full of shit. As Krugman, a Nobel Prize winning economist, should know, the market is always has the final word. It doesn’t matter how good your idea is if the market doesn’t agree.

Stewart, for all his flaws, cuts to the chase: even if technically legal, the Coin was a stupid idea. And it’s a good illustration of how unserious Krugman really is.

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  1. Seattle Outcast

    And we all know what ta Nobel Prize is worth these days – slightly less than the street value of a sack of fresh dog crap. Krugman is what is commonly referred to as “one of the smartest idiots around”…

    I’m amazed the Stewart actually had his head out of his ass on this one.

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  2. Dave D


    Krugman criticizes the Daily Show for not being “serious” or “diligent”. It’s a fucking COMEDY show! I know the 20-something low-information voters yuck it up and get their “news” and marching orders from the show, but a fucking NOBEL PRIZE laureate claiming it is a SERIOUS show? Too funny!

    Stewart had me right up until he says he is fan of this idiot!

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