Tag Archives: New York Times

‘Happy Fourth of July to the world’s worst economist — Paul Krugman

Stocks closed at record highs Wednesday as traders bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.The Dow gained 179 points, notching intraday and closing all-time highs. The Nasdaq advanced 0.75%.The S&P 500 also rose 0.75% as the real estate and consumer sectors powered the broad index to record levels. Tech boosted the index, rising 0.7% to a record high. The S&P 500 closed just 0.1% below 3,000.

 

 

 

 

 

 

Here is Paul Krugman Nobel Laureate in Economics writing in the New York Times 9 November 2016, the day after Trump was elected

“It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.

Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.

It’s true that we’ve been adding jobs at a pretty good pace and are quite close to full employment. But we’ve been doing O.K. only thanks to extremely low interest rates. There’s nothing wrong with that per se. But what if something bad happens and the economy needs a boost? The Fed and its counterparts abroad basically have very little room for further rate cuts, and therefore very little ability to respond to adverse events.

Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy (Luysii — praise be to God) and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.

So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.”

If that wasn’t enough here’s Krugman in 2010 writing about ‘peak oil

“Oil is back above $90 a barrel. Copper and cotton have hit record highs. Wheat and corn prices are way up. Over all, world commodity prices have risen by a quarter in the past six months.

So what’s the meaning of this surge?

Is it speculation run amok? Is it the result of excessive money creation, a harbinger of runaway inflation just around the corner? No and no.

What the commodity markets are telling us is that we’re living in a finite world, in which the rapid growth of emerging economies is placing pressure on limited supplies of raw materials, pushing up their prices. And America is, for the most part, just a bystander in this story.

Some background: The last time the prices of oil and other commodities were this high, two and a half years ago, many commentators dismissed the price spike as an aberration driven by speculators. And they claimed vindication when commodity prices plunged in the second half of 2008.

But that price collapse coincided with a severe global recession, which led to a sharp fall in demand for raw materials. The big test would come when the world economy recovered. Would raw materials once again become expensive?

Well, it still feels like a recession in America. But thanks to growth in developing nations, world industrial production recently passed its previous peak — and, sure enough, commodity prices are surging again.

This doesn’t necessarily mean that speculation played no role in 2007-2008. Nor should we reject the notion that speculation is playing some role in current prices; for example, who is that mystery investor who has bought up much of the world’s copper supply? But the fact that world economic recovery has also brought a recovery in commodity prices strongly suggests that recent price fluctuations mainly reflect fundamental factors.

What about commodity prices as a harbinger of inflation? Many commentators on the right have been predicting for years that the Federal Reserve, by printing lots of money — it’s not actually doing that, but that’s the accusation — is setting us up for severe inflation. Stagflation is coming, declared Representative Paul Ryan in February 2009; Glenn Beck has been warning about imminent hyperinflation since 2008.

Yet inflation has remained low. What’s an inflation worrier to do?

One response has been a proliferation of conspiracy theories, of claims that the government is suppressing the truth about rising prices. But lately many on the right have seized on rising commodity prices as proof that they were right all along, as a sign of high overall inflation just around the corner.

You do have to wonder what these people were thinking two years ago, when raw material prices were plunging. If the commodity-price rise of the past six months heralds runaway inflation, why didn’t the 50 percent decline in the second half of 2008 herald runaway deflation?

Inconsistency aside, however, the big problem with those blaming the Fed for rising commodity prices is that they’re suffering from delusions of U.S. economic grandeur. For commodity prices are set globally, and what America does just isn’t that important a factor.

In particular, today, as in 2007-2008, the primary driving force behind rising commodity prices isn’t demand from the United States. It’s demand from China and other emerging economies. As more and more people in formerly poor nations are entering the global middle class, they’re beginning to drive cars and eat meat, placing growing pressure on world oil and food supplies.

And those supplies aren’t keeping pace. Conventional oil production has been flat for four years; in that sense, at least, peak oil has arrived. True, alternative sources, like oil from Canada’s tar sands, have continued to grow. But these alternative sources come at relatively high cost, both monetary and environmental.

Also, over the past year, extreme weather — especially severe heat and drought in some important agricultural regions — played an important role in driving up food prices. And, yes, there’s every reason to believe that climate change is making such weather episodes more common.

So what are the implications of the recent rise in commodity prices? It is, as I said, a sign that we’re living in a finite world, one in which resource constraints are becoming increasingly binding. This won’t bring an end to economic growth, let alone a descent into Mad Max-style collapse. It will require that we gradually change the way we live, adapting our economy and our lifestyles to the reality of more expensive resources.

But that’s for the future. Right now, rising commodity prices are basically the result of global recovery. They have no bearing, one way or another, on U.S. monetary policy. For this is a global story; at a fundamental level, it’s not about us.  ”

Nonetheless Krugman can currently be found on the editorial pages of the New York Times authoritatively pronouncing on matters political

For the world’s second worse economist please see https://luysii.wordpress.com/2019/07/04/happy-4th-of-july-to-the-worlds-second-worst-economist-larry-summers/

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The New York Times loves terrorism if it’s the right sort

Back from band camp for grownups

While at band camp, we heard a fabulously intense performance of a piece which must be witnessed rather than listened to on the radio or on a CD while you’re doing something else.  It was Messiaen’s Quartet for the End of Time. You couldn’t ask for a better audience — 150+ raptly attentive amateur musicians with all cell phones off and no program notes.  The piece takes an hour to play and is full of long silences.  In some parts just one instrument plays while the other players sit stock still staring ahead, so the piece really is part theater.

You can always tell when a string player or a pianist starts to play as something moves and your mind expects a sound.  No so with the many long silences of the clarinet solo.  Parts begin so softly that you can’t even be sure the clarinet is playing, as there is no motion to clue you in.  Then, suddenly you realize you’ve been hearing a sound for a while.   The piece ends with a violinist ascending slowly into the tonal stratosphere while producing a prolonged decrescendo.  She was in tears at the end.

The players (correctly) decided on no descriptive program notes (which were read aloud at the beginning) as they didn’t want to break up the intensity with rustling paper (or the spoken word).  Probably it’s better to hear the piece not knowing the background, but there’s a Wiki page for it which is pretty good if you already know its provenance.

Pianists don’t have to count.  When we get stuck we just stop and then start over.  Even with chamber music we have the score so we always know what the other players should be doing, so we can pretty much fake what we can’t play and keep things going.  Our only problems are the incessant page turns, sometimes with all the other instruments cutting out leaving us alone playing with both hands, turning the page and trying not to miss a beat.  All this was true until I got to play a piece with bassoon, clarinet, oboe, violin and cello by Martinu — https://en.wikipedia.org/wiki/La_revue_de_cuisine, which had only the piano part, and long 9 and 10 measure rests which I was supposed to count.  I thought it would be a total disaster, but the coach conducted it, and shouted out numbers when I was supposed to play. I bought him a beer later that week.  An interesting piece with a tango, and a Charleston in it.

Participants at the camp decided that there would be no talk of politics, just music, and the world did manage to spin on its axis for a week without our help.

I spent 300 miles or so of the 1,100 mile drive back on backroads through the verdant midwest countryside.  I made it a point to pace off a mile or so every now and then in a particularly beautiful stretch of country and then get out and walk it.  Typical of the midwest, each time I did, someone would stop and ask if I needed help.

The many miles of the country I went through on the way back look very good.  The stores and  restaurants and malls were full, the campgrounds crowded, and help wanted signs were everywhere. Much better than the previous trips of the past 5 years.

So then I get back to Massachusetts and the alternate universe of the New York Times.  When the Times talks about the longest bull market in history, they note in the same breath that it is only for rich people, ignoring the fact that all pension plans, IRAs and 401k’s have been beneficiaries.  Also on the front page was a story about a payoff to a porn star, something of minimal consequence to the daily lives of those outside the bubble.

Paul Krugman, Nobel Laureate in economics, appears on the opinion page, despite having declared election night the stock market would never recover, and a few years ago informing us that we were at peak oil production.  At least no articles by Larry Summers (smartest guy in the room and former president of Harvard) about secular stagnation and the impossibility of 3% economic growth.

Linus Pauling was one of the great chemists of the 20th Century — electronegativity, the nature of the chemical bond, the alpha helix etc. etc.  Yet when he said vitamin C could cure colds and cancer, he was proved wrong and his pronouncements on the subject roundly ignored.  No so with political and economic pundits.

The disconnect between the bicoastal mainstream media and the center of the country is profound.  The November elections should be fascinating.  Help stamp our minority employment — vote Democratic.

The powers that be at the New York Times have decided that Hillary is toast

Kremlinologists used to carefully look at who was in what position in the stands reviewing the annual May Day parade to understand behind the scenes power struggles and who was currently on top. Here in the States, we are more fortunate. All we need to do is read the letters to the editor on the editorial page of the New York Times.

Just like “Home on the Range”, never is heard a discouraging word (or a letter which disagrees with the editorial stances of the Times).

So today (15 May 2017) 4 letters appeared concerning a column written 7 May by Frank Bruni titled “Hillary Clinton’s Absolution” — all highly critical of Hillary and Bill.

A few quotes:

“The Clintons have been running the Democratic party like a personal fief for 25 years”.

“But to ruminate about how Hillary would have won if only the Russians, WikiLeaks and James Comey didnot do her in — well, I have had enough of this.”

“Frank Bruni” seems obsessed enough about Hillary Clinton’s feelings to write an opera.”

“But it’s also her (Hillary’s) supporters in the DemocraticParty leadership who need to seek redemption for abandoning the working class voters who once formed the core constituency of their party.”

Do you think the publication of these 4 letters was unintentional? By the purest of coincidences publication occurred the very day Hillary announced the formation of a new PAC to oppose Trump — http://fortune.com/2017/05/15/hillary-clinton-launches-political-action-committee-dedicated-to-liberal-causes/

The same day a full page article title “How Democracy Collapsed” concerning Venezuela. The word elites appears 3 times, the word socialism not at all.

Is this any way to write about Hillary Clinton?

Is this any way to write about Hillary Clinton?

“ xxxx has made it increasingly clear that she has no intention of being sidelined. … To the contrary . . . . she managed to elbow herself into a leading outspoken role.” From the New York Times of 9 April 2017.

What a pushy little bitch.

Of course not, they were writing about Nikki Haley.

Here’s how Hillary was treated the same day.

One paragraph should do it

“She noted the abundant social science research that when men are ambitious and sucdessful, they may be perceived as more likeable. In contrast, for women in traditionally male fields, it’s a trade-off; the more successful or ambitious a woman is, the less likable she becomes. .. . . It’s not so much that people consciously oppose powerful women; it’s an unconscious bias.”

Tne NYT should so inform the reporter who wrote the piece on Haley (both appear to be ‘women of color’) whose bias is far from unconscious.

The New York Times Parodies itself

I have a conservative friend who is becoming increasingly exercised by what he regards as the antiTrump bias of the Times. I’ve told him to calm down as the Times was turning into a parody of its former self. Today the NYT obliged by doing just that.

Here’s what so exercised my friend in today’s Times (19 Feb ’17). “For $200,000, a Chance to Whisper in Trump’s Ear”, Membership at Mar-a-Lago Gives Titans Easier Access to Political Power.” This appeared on the front page taking up the twomost right columns above the fold. All of page 13 inside is devoted to the article.

Here’s how the Times parodied itself “Around the World by Private Jet: Cultures in Transformation ” This took up the entire back page of the Style Section (New England Edition at Least) “Privately chartered Boeing 757 26 day/9 countries/50 travelers/$135,000” You will ride with 5 members of the Times staff (lilywhite) — Arthur O. Sulzberger Jr. Alan Riding, Nicholas Kristof, Elaine Sciolino and Elizabeth Bumiller. You will not have to share the air with the Times’ minority editorial contributors, Charles Blow (Black) and Ross Douhat (Conservative). They don’t appear to have a Latino.

Imagine the joy of access for the cut rate price of 135K (who said the Times didn’t care about the little man), while cruising at 35,000 feet exuding both virtue and carbon dioxide.

Here’s part of what my friend had to say about the article (unfortunately he doesn’t blog (he should ) so I can’t supply a link).

Back in the early 18th Century William Congreve wrote:

” Heaven has no rage like love to hatred turned
Nor hell a fury like a woman scorned”

You would think he was talking about the venerable “Gray LADY”, aka New York Times. Indeed the paper has jettisoned any pretense of professional journalistic ethics – any pretense of journalism purpose. A week after the election, after flagrantly shilling for Clinton and smearing Trump in previous months, the editor of the Times issued in writing to the papers readers an apology of sorts by admitting the paper had lost its way and promised to return to reporting news. Evidently atonement to its readers is in the words not the performance. The Gray Lady is profoundly stunned by the rejection by most of the country of the paper’s vision of how the world should be.

—-

Since the election the scorned and enraged Gray Lady has fill page after page , day after day , with disgrace as represented by the article below. The paper has flooded us with conjecture about things that have not happened and gossip of any sort that could denigrate and damage Trump.

The relentless attacks on Trump and his playing golf with dangerous cohorts etc is in marked contrast to how it suppressed any conjecture about Obama’s rise through the notoriously crooked Chicago political machine. Not a whisper of how he was dependent on other graduates of the Chicago cesspool, such as Axelrod and Jarrett. There was dismissal of Obama’s friendship with Ayers, a principal in a murderous urban terrorist group.

The august “paper of record” never conjectured how Obama could spent 20 years listening to Rev. Wright vicious racist rants and kept listening to them, but later said he hardly knew the man.

One final thought — could this be fake news, an ad bought by the Koch brothers to embarrass the Times. Possible, but unlikely.

The impeccable timing of the New York Times — take II

Reality keeps intruding. I’d much rather be posting about a marvelous paper (see the end), but the Sunday New York Times of 18 September 2016 had 3 articles telling us all how deplorable, irrational and islamaphobic we are, the day after 3 separate attacks on the citizenry (the Chelsea and Seaside Park bombs and the knife attack in Minnesota).

Two were on the opinion page — one comparing the Jews of the 30s trying to escape the Nazi’s with the mideast refugees, another concerned “England’s Forgotten Muslin History”. Well, we all know what a bunch of terrorists the Jews of the 30s were.

On p. 13 “Level of Hate Crimes Against U. S> Muslims Highest Since After 9/11” “Some Tie Attacks to Trump’s Statements” It couldn’t possibly be anything they’ve done.

For your enjoyment, here’s the post of just 3 months ago (13 June)

The impeccable timing of the New York Times

After putting ex-Weatherman Bill Ayers on page 1 saying he wished he’d ‘bombed more’ the day of the attack on the World Trade Center in 2001, the New York Times kept its unenviable timing record intact by posting “Dreams of my Muslim Son” about Islamophobia on the editorial page the day of the Orlando massacre. Usually they run their invariable innocent Muslims fearing hate crimes by American rednecks story a day or so after the latest atrocity.

Unfortunately Orlando can’t be camouflaged as workplace violence or the response to some video or other a la Benghazi. The perp was far too explicit. Nor can it be blamed on the failure of ‘the MidEast Peace Process’ or Israel, although undoubtedly some will try.

If I were the Muslim leadership in this country, I’d try to put together a Million Muslim March on Washington to protest the Orlando, San Bernadino, Boston etc. etc. massacres, as blots on the name of Islam. ISIS would probably try to kill a few, but it’s time for them to stand up, assuming there are large numbers of US Muslims that actually think this way.

—-

You could not have a better example of how totally out of touch elite opinion is and the placement and timing of these articles is exactly an expression of elite opinion.

I had thought that the terrorists would be lying low until after the election, as terrorist acts work in Trump’s favor. But as a friend said about another Muslim group — they never miss an opportunity to miss an opportunity.

The paper I’d planned to write about is Nature vol. 537 pp. 107 ’16 (1 September 2016 Issue).

Now on to Trump’s health information.

Thank God for the internet, warts and all

Here’s the New York Times Monday reporting on Hillary’s fainting spell the previous day — “Clinton Treated for Dehydration and Pneumonia”, “Falling Ill at 9/11 Event”. Then it states that she ‘had to be helped into a van by Secret Service Agents”.

Still on the first page, “about 90 minutes after arriving there (Chelsea’s apartment) Mrs.Clinton wearing sunglasses emerged from the apartment” She is then quoted as “I’m feeling great” “It’s a beautiful day in New York” On the front page there’s a picture of her at the 9/11 service before anything happened. Inside there’s a picture of her leaving the apartment looking just wonderful and smiling.

The Times does mention the video, and noted that it captured ‘what appeared to be her legs buckling’.

Back in the day when the NYT controlled the news, you’d think nothing much happened. However, anyone looking at the video can see her passing out and nearly hitting the pavement, until she was caught by her handlers.

As I predicted in an EMail to some friends, the Times in its letters to the editor today had a letter praising Hillary as a typical plucky lady who carried on no matter what. For a paper that routinely headlines articles dumping on the church (the front page of 14 Sep has an article concerning how Putin is using the Russian Orthodox Church to extend Russian power abroad) they certainly love one of its institutions (the amen corner — aka letters to the editor).

The paper of record in Northampton described the event has Mrs. Clinton becoming “Unwell”, With Hillary in seclusion and unable to campaign, the lead story on Yahoo yesterday, concerned an attack ad of Hillary’s on Trump, not anything he said or did.

The internet and the blogosphere is often scatological, misleading, irritating and biased. But there’s such massive coverage on the internet that it has broken the monopoly of the mainstream press. Thank God for them warts and all.

Now, hopefully back to the science.

From the newspaper of record

Sorry, nothing earthshaking scientifically to write about, so here are 3 leads from today’s New York Times for your enjoyment

l. Page 1 top left — “The Failing Inside Mission to stop Hillary from Lying”
2. Page 1 top right — “How Trump plans to use Obama’s Embrace of Executive power”
3. Sunday review –Page 1 bottom “Hillary is making America more comfortable with pay to play”

Fair and balanced as Fox would say if they wrote them.

But they didn’t. It was the Times masquerading two opinion pieces as news on page 1, and an actual opinion piece in the Review.

Well, the titles were a bit different.

1. Page 1 top left — “The Failing Inside Mission to Tame Trump’s Tongue”

2. Page 1 top right — “How the President Came to Embrace Executive Power”

3. Sunday Review — page 1 bottom “Trump is Making America Meaner”

#2 is particularly interesting, as it is basically an excuse for ruling by decree, the dream of the left. The apologia comes in the third paragraph — “Blocked for most of his presidency by Congress, Mr. Obama has sought to act however he could.” So much for the constitution.

Ruling by decree has always been a goal of left utopians and pragmatists. Go back to the great Serge Eisenstein movie about Ivan the Terrible (part I 1944). It was commissioned by Stalin, and it’s all wonderful propaganda for the leader to do what he wishes unimpeded. Smash the Boyars. Let Ivan be Ivan. Only he truly loves the country. The second part wasn’t released until 1958 as Stalin didn’t like it. It’s really handy to rule by decree.

Well Maduro in Venezuela is currently ruling by decree, as has Fidel for years.

Where did this quote appear?

The following quote appeared in a major newspaper the day before the Brexit vote. Guess which one.

“David Cameron, the British prime minister has no one to blame but himself… made a promise … if re-elected, he would hold an in or out referendum on continued British membership” (in the EU).

The article goes on in this vein about what a mistake this was. Allowing people to actually vote, or as the article says “what many consider to be a wholly unnecessary roll of the dice”.

Various British mandarins are quoted as to the wisdom of Cameron’s decision, and a variety of arguments against Brexit are trotted out “sharp tones of xenophobia, racism, nativism and Islamophobia” — this by the authors of the article. No arguments for Brexit are given (as if any reasonable person could be in favor).

So where was it published? Pravda? Granma? People’s Daily?

No, the front page of the New York Times.

It’s the typical New York Times ploy of masquerading an opinion piece as a news article.

This is something I despise (see — https://luysii.wordpress.com/2016/02/03/helping-hillary-along/).

Not this time though. It is a perfect example of the elitist (and leftist) impulse of the Times in full cry. We know what’s best. The people are not to be trusted, but ruled by decree by their betters (vide Obama’s 13 million amnesty, and the BLM’s attempt to control fracking despite a law passed by congress).

It’s very good to see elite opinion lose. Americans should be aware that Brexit was opposed by the heads of all political parties, business elites, academic elites, Nature and the scientific elites, the church — essentially every class of elite imaginable. Perhaps this was its high tide.