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Last year, I noted that the Times had started blogging (MSM Blogging Review: NYT Starts Blogging, too). A few months later, we discussed that the Times’ offerings had ballooned to over 30 blogs (Its Official: The NYT Has Gone Blog Crazy!).
This week, the NYTimes introduced one more blog: Paul Krugman’s.
I did not see any announcement, and only found it via my traffic log’s referrals. We received a nice mention in this post: Is This the Wile E. Coyote Moment?
I actually have a funny Paul Krugman story, which I mentioned here when it happened in 2004 (So Paul Krugman and I are chatting . . .)
Not paying attention to my surroundings as usual, I literally plowed into him as I was leaving a studio and he was coming in. Papers went flying everywhere. That capped a week of embarrassing celebrity interaction: First Greg Mankiw, then Paul Krugman, and most amusing and embarrassing, my major faux pas with Nobel prize winner Robert Engle.
If you haven’t seen that Nobel Prize story, its an absolute must read: A funny thing happened to me on the way to the studio tonight . . . Its absolutely one of those strange truth is funnier than fiction stories/
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Oh, and welcome to the blogosphere, Paul!
Watch this video of Ron Paul questioning Bernanke about the dollar collapse due to free printing of money
http://www.youtube.com/watch?v=AeHWW5gbc0w
We cannot sustain 800 bilion a year trade deficits. We cannot export our way out of this mess. The only answer is a sharply lower dollar to drive manufactruing home and to lower the trade deficit. The dollar has much farther to fall. What you are seeing is a long term effort (it will take 20 years) to get the trade deficit back under 1% of GDP. We are currently running a trade imbalance of nearly 6% of GDP. No nation can do this. The IMF would be stepping in to help any nation if its trade impalance went to 6% of GDP becuase its currency would collapse! The U.S. is different, but still we cannot sustain a trade deficit of this magnitude. People must understand, when we buy an item from say China, we pay in dollars. The Chinese company we just bought from them goes to an Exchange Bank in China and converts those dollars to Yuan. The Chinese banking system (Chinese Government) is now sitting on the dollars. They can either 1, buy oil, 2, buy Treasuries, 3. buy U.S goods, 4. buy U.S. Corporations, 5. other. Over time if we (the U.S. ) contiue to run a trade deficit we could simply be completely bought and controlled by foreigners. Warren Buffet has explained the situation as being like a rich Texas farmer who loses a small piece of his land year after year and never notices for a while. When he then notices, tragedy sets in because he no longer controls his land. So in sum, we need to get the trade deficit way down. This is why the Fed has abandoned the dollar. It wil be going down for the next 20 years. That is how long it is going to take to correct this imbalance mess.
Read the introductory piece to the Blog at http://krugman.blogs.nytimes.com/2007/09/18/introducing-this-blog/
Incisive and accurate. Classic Krugman.