Weekly unemployment benefit applications dropped to 352,000, the fewest in nearly four years.
Paul Krugman's warning, just weeks ago, that we remain in a depression is obviously absurd. He obviously has no understanding of the business cycle.
Supporting the jobless claim signal is the stock market. U.S. stocks are off to the best start to a new year in 25 years.
The S&P 500 has gained 4 percent, since the start of the year, the most since it rose 10 percent over the first 11 days in 1987. The S&P 500 has advanced seven of the first eight days this year.
Next comes roaring price inflation, which will totally destroy Krugman's standing as an economist with any clue as to what is going on.
Hi Bob,
ReplyDeleteSpeaking of ABCT, here are some statistics you might be interested in:
http://www.stat.ee/29958
The European countries that had the biggest recessions in 2009 [Estonia, Latvia, Lithuania] appear to be the ones that had the biggest recoveries in 2011. This may be a textbook case of ABCT, and is especially interesting because Estonia has been ranked as one of the freest economies in the world, and the government cut spending during the recession:
http://ideasmatter.typepad.com/ideas-matter/2012/01/free-to-choose-mart-laars-economic-guidebook-for-estonia.html
I would humbly suggest you consider blogging on this topic and/or spreading this info to others who might do the same, because this appears to be a very important data set in favor of the Austrian paradigm.
Anon 8:39
ReplyDeleteHuh!
I gotta check this out.
Thanks!!
Robert, I appreciate you wanting to rub something in Krugman's face (who wouldn't?), but you do realize this is an election year, right?
ReplyDeleteKrugman only has standing with morons. He said Greenspan needed to inflate a housing bubble to replace the NASDAQ bubble. If he didn't get blacklisted from economics for that, nothing will do it.
ReplyDelete