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Fallacy of New Deal Rescue Refuted by Gold’s Record

from Wealth Cycles

As we have written many times, statistics can be used to prove just about any point—and then used to refute the same point. (See the article, Those Lying Numbers, for a few choice examples.)

Paul Krugman, the Nobel Prize-winning economist, uses statistics to bolster his argument that the solution to the global financial crisis is more government spending—big government spending. According to Krugman, the government spending (and taxpayer indebtedness) undertaken thus far is far too paltry to have the optimal positive effect on the faltering U.S. and global economies.

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