It’s false prophets week for economists!

Paul Krugman finds a way to make the failure of the world financial system as we know it all about him by referencing that in 1979, he coined the term currency crisis. He follows this up by mentioning that in his estimation, this term ‘never anticipated anything like what’s happening now.’ So, who cares Krugman? I can invent words that have no connection to their later meaning too. I don’t think they’ll give you another Nobel for it.

On the opposite end of the spectrum, Greenspan last week admitted to Congress that he found a ‘flaw’ in absolute deregulation of banks. So, what he basically is saying is “you know what I didn’t realize? Capitalism, free markets? Yeah, that doesn’t work.” But more importantly? It’s not his fault.