Too many long posts lately. Here's a short comic relief. Professor Krugman in his usual satirical tone, absolutely nails Jim Rogers. Krugman assigned his readers a homework to explain — in English — what’s wrong with the words that are coming out of Rogers' mouth, who said, “Well, capital has already been flowing into Asian economies, as you can see by the fact that they’re the world’s biggest creditors.”
Here's my homework solution: If somebody is the world’s biggest LENDER (creditor), by definition money is flowing AWAY from that person.
Krugman 1. Rogers 0.
p.s. I've been waiting for a long time for someone to drill Jim Rogers. Thanks Paul.
Friday, October 16, 2009
Jim Rogers makes my head hurt too
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3 comments:
Man people are just freaken stupid. Debt is NOT capital, fool. Capital, if you are an actual entrepreneur/investor, are things that create wealth, like factories, tools, etc.
I guess this is why the western nations are dying, because there are too many idiots around with their head filled with economic nonsense and textbook definition of words.
I liked both the bloger´s comment and Jammy´s comment.
I was told by some one very wise that there are many deffinitions of capital. And if one is going to talk about it one should be very clear on what which one they mean.
http://www.thefreedictionary.com/capital
http://www.investopedia.com/terms/c/capital.asp
I think accountants have more accurate definitions that economists. Economic definitions seem to often be bastardized accounting diffintions that lead to confusion or less specificity.
I seems many economists do not understand accounting and it is not often a required course. :0
I think the sound bytes might not be sufficient to get the meaning.
https://www.youtube.com/watch?v=KqhU4zggLMA
44:00 start for a few minutes.
UK City of London banks owned by foreigners and UK one of the biggest detter nations in the world.
I thought I gave a few good comments but they have not shown up.
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