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Tuesday, October 14, 2008

Economist who denounced the bubble gains Nobel

Admittedly not known to me before today but it seems that
Paul Krugman, the new Nobel Prize of Economics, was at least honest enough to denounce, already in 2002, the economic bubble as a mere Ponzi scheme (a type of scam, in which apparent profits are actually taken from new investments) and the epydemic of extreme dishonesty that was behind the apparent growth of the last years.

In his discourse he declared that this crisis may well be similar to the one of 1929.

To take a look at his thought check his index of cloumns at the New York Times and the Unofficial Paul Krugman Archive (for articles written before his NYT period).

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