Paul Krugman - We Need More Debt That We Probably Can't Pay Back

You know, living in the hallowed ivory towers of learning often does something to one's brain. Economists pontificate about theories and abstractions that have no place in the real world. In fact some of Krugman's historical pontifications and theories almost certainly fueled this crisis to a much greater degree than most anything we see today. I'd be more than happy to enlighten Mr. Krugman if he wishes.

How did we get to the point where we are spending society's monies on these ivory tower abstractions? If we took Paul Krugman out of his ivory tower and put him to work in a West Virginia coal mine, he might quit publishing these hair-brained theories and develop a more practical real-world view of economics.

I don't think there is a lot of value in the Nobel Prize for economics since none of the winners in the last twenty years saw this environment coming and most of them don't seem to understand the deficiencies to their pontifications.

Of course, Krugman's theory seems alarmingly similar to Mad Money's Jim Cramer who believes Ben Bernanke has also saved us from Depression with the same line of reasoning. It's good to see a leading economist uses the same rationale as the financial buffoons on CNBC.