I was sad when I read that you had written your last NYT piece. But, this format works so well for you. Thank you for sharing your thoughts and expertise (and musical recommendations). Happy holidays.
Paul, thanks for calling crypto for what it really is a Ponzi scheme and when the great grifter pushes it you know it is grifting at its best!!! Happy holidays!!!
I wonder if he has delivered those $100,000 watches to his “marks” or politely called supporters! A watch expert examined one of them and proclaimed it a pile of junk and recommended the marks buy a Rolex submariner watch for $40K that will last a lifetime!!!
Professor Krugman: twitter is crawling with crypto these days -- the ads that they shove down their readers' throats after every third post are nonstop, and at least 3/4s of all spaces are, at any given time, about crypto. crypto ads have even infiltrated video games, which is just so incredibly annoying. i do block everything that i possibly can, but it has to pop up to be blocked in the first place. but even worse, "mining" crypto is destroying the environment, but no one seems to know this, or care.
It's widely recognized among sane economists that Crypto is Ponzi scheme but it goes on & on to make new highs. But the big danger i see today is when government legitimizes Crypto Ponzi scheme by creating a "strategic reserves" of it.
"it's a floor wax AND a dessert topping" - I used to think I liked to read your stuff because it was so informative, but I'm coming to realize it's probably because we're the same age so I get all your jokes.
I have no dispute with what you've written, but you missed the most basic addiction we see. It's the simple addiction to the accumulation of wealth that capitalism allows. How many CEO's take home much much more than they need, or deserve, to the detriment of ALL of their workers? It's the unlimited greed that knows no bounds. Another tax break is never enough! That our capitalist system allows this unlimited greed only enables it, excuses it. The excessively greedy are looked up to, envied, seen as some kind of cultural icon, and not as the destroyers of the middle class, or of the well being of others. Greed is the capitalist addiction, separate from the addiction of games of chance. It's a game of certainty. They know what they are doing, and behave rationally, but ONLY in their own interest.
Yes, I have written about this recently. I consider greed and the hoarding of money a serious mental illness. I say this because a billionaire has more money than he can spend in 10 lifetimes. It serves no real purpose.
What will happen to markets and the economy overall when the crypto bubble bursts, particularly when the incoming president and his family have great personal stakes in the commodity?
I would also like to see an assessment of the risks crypto poses for the markets/economy as well as a discussion of debt/deficits. The ignorance level of the media that writes about these topics seems high.
I have long felt that a tax on selling a security that has been owned for less than, say, 10 days would be helpful in stabilizing markets, by penalizing speculative day traders. Is this workable, or even a good idea?
That 2018 Supreme Court decision that opened the door to sports betting was a travesty. The federal statute that prohibited sports betting had two parts. The court found that one part was unconstitutional. That part of the decision was reasonable. The court then needed to consider whether Congress would have wanted the second part to stand if the other part had been stricken. The Court's reasoning on this second part was totally bogus, arbitrary, and result driven to strike the second part as well. I am very thankful that my adult sons are not attracted to sports betting. I feel sorry for the mostly young men who are being financially harmed and even destroyed by sports betting. The conservative members of the 2018 Supreme Court are totally to blame.
So glad I can continue to read you. Note that you missed a critically effective means of reducing tobacco use - taxation! In addition to banning ads, putting warnings on packages, and making public spaces smoke free, tobacco taxes made a big difference. The tax in not uniform – Massachusetts has among highest, and Kentucky (which grows tobacco) among the lowest. Smoking rates by state reflect the tax rate – it’s been very effective. Surprised that you – the economist – missed this. : )
As sports writer David Roth pointed out, one benefit to gambling at race tracks was that it was the most unglamorous activity in the world. No one went to the track at the Meadowlands and thought, "I want to be like this." But if everyone's sports gambling, the social costs of it are much lower.
One of the most scary upcoming things is that our incoming administration wants to use the federal government to cover their potential crypto losses. I am sure you will comment on this.
I was sad when I read that you had written your last NYT piece. But, this format works so well for you. Thank you for sharing your thoughts and expertise (and musical recommendations). Happy holidays.
I canceled my NYT subscription because of their editorial trend towards trump, so I was thrilled to see Paul Krugman here at Substack.
I kept mine because of the writers, including PK. I ignore other headlines and stories and only read journalists I admire and trust.
I miss some of the real journalism, but the sanewashing of trump was just too much for me to pay for any longer.
Same for me. I could no longer support a paper that do blatantly sanewashed Trump and his any good news about the Democrats.
Paul, thanks for calling crypto for what it really is a Ponzi scheme and when the great grifter pushes it you know it is grifting at its best!!! Happy holidays!!!
Or worst! The orange conman will grift off of anything!
I wonder if he has delivered those $100,000 watches to his “marks” or politely called supporters! A watch expert examined one of them and proclaimed it a pile of junk and recommended the marks buy a Rolex submariner watch for $40K that will last a lifetime!!!
Professor Krugman: twitter is crawling with crypto these days -- the ads that they shove down their readers' throats after every third post are nonstop, and at least 3/4s of all spaces are, at any given time, about crypto. crypto ads have even infiltrated video games, which is just so incredibly annoying. i do block everything that i possibly can, but it has to pop up to be blocked in the first place. but even worse, "mining" crypto is destroying the environment, but no one seems to know this, or care.
Move to bluesky!
It's widely recognized among sane economists that Crypto is Ponzi scheme but it goes on & on to make new highs. But the big danger i see today is when government legitimizes Crypto Ponzi scheme by creating a "strategic reserves" of it.
https://www.truthdig.com/articles/we-dont-need-a-strategic-reserve-of-bitcoin/
In fact, it appears to be a great scam. Tech bros finance politicians. Then politicians bailout Crypto by giving it legitimacy.
Someone called the Bitcoin "Strategic Reserve" idea making the government a greater fool of last resort. That's precisely spot on.
"it's a floor wax AND a dessert topping" - I used to think I liked to read your stuff because it was so informative, but I'm coming to realize it's probably because we're the same age so I get all your jokes.
I have no dispute with what you've written, but you missed the most basic addiction we see. It's the simple addiction to the accumulation of wealth that capitalism allows. How many CEO's take home much much more than they need, or deserve, to the detriment of ALL of their workers? It's the unlimited greed that knows no bounds. Another tax break is never enough! That our capitalist system allows this unlimited greed only enables it, excuses it. The excessively greedy are looked up to, envied, seen as some kind of cultural icon, and not as the destroyers of the middle class, or of the well being of others. Greed is the capitalist addiction, separate from the addiction of games of chance. It's a game of certainty. They know what they are doing, and behave rationally, but ONLY in their own interest.
Yes, I have written about this recently. I consider greed and the hoarding of money a serious mental illness. I say this because a billionaire has more money than he can spend in 10 lifetimes. It serves no real purpose.
What will happen to markets and the economy overall when the crypto bubble bursts, particularly when the incoming president and his family have great personal stakes in the commodity?
I would also like to see an assessment of the risks crypto poses for the markets/economy as well as a discussion of debt/deficits. The ignorance level of the media that writes about these topics seems high.
I have long felt that a tax on selling a security that has been owned for less than, say, 10 days would be helpful in stabilizing markets, by penalizing speculative day traders. Is this workable, or even a good idea?
That 2018 Supreme Court decision that opened the door to sports betting was a travesty. The federal statute that prohibited sports betting had two parts. The court found that one part was unconstitutional. That part of the decision was reasonable. The court then needed to consider whether Congress would have wanted the second part to stand if the other part had been stricken. The Court's reasoning on this second part was totally bogus, arbitrary, and result driven to strike the second part as well. I am very thankful that my adult sons are not attracted to sports betting. I feel sorry for the mostly young men who are being financially harmed and even destroyed by sports betting. The conservative members of the 2018 Supreme Court are totally to blame.
Question: what is the risk to the Stock Market of a collapse of the crypto market.
So glad I can continue to read you. Note that you missed a critically effective means of reducing tobacco use - taxation! In addition to banning ads, putting warnings on packages, and making public spaces smoke free, tobacco taxes made a big difference. The tax in not uniform – Massachusetts has among highest, and Kentucky (which grows tobacco) among the lowest. Smoking rates by state reflect the tax rate – it’s been very effective. Surprised that you – the economist – missed this. : )
As usual, Professor Krugman has written another downright brilliant column. I just wish more Americans were reading it.
So very glad you are here on Substack. Paul Krugman. And thanks for jumping ship too.
It’s great to be able to read your articles again! Thank you.
As sports writer David Roth pointed out, one benefit to gambling at race tracks was that it was the most unglamorous activity in the world. No one went to the track at the Meadowlands and thought, "I want to be like this." But if everyone's sports gambling, the social costs of it are much lower.
One of the most scary upcoming things is that our incoming administration wants to use the federal government to cover their potential crypto losses. I am sure you will comment on this.