http://dailycurrant.com/2013/03/06/paul-krugman-declares-personal-b...

Paul Krugman Declares Personal Bankruptcy

Mar. 06, 2013

paul-krugman-currenttv-497x345Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.

In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.

The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.

The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth

Rather than tighten his belt and pay the sums back, the pseudo-Keynesian economist decided to "stimulate" his way to a personal recovery by investing in expenses he hoped would one day boost his income.

Cockroaches and Creditors

Between 2004 and 2007 Krugman splurged on expensive cars, clothes, and travel in hopes that the new lifestyle would convince his bosses at the New York Times to give him a giant raise.

"They say always dress for the job you want," Krugman explains. "So I thought maybe if I showed up in $70,000 Alexander Amosu suits they would give me ownership of part of the company. If I had only been granted a sliver of the New York Times Co., I could have paid everything back."

Even after he realized an equity stake was not going to happen, Krugman continued to spend wildly hoping his bling and media appearances would increase demand for his personal brand and lift his book sales.

His biggest mistake came in 2007, when at the height of the financial bubble he decided to invest in high-end real estate in New York City. His multi-million dollar apartment lost 40 percent of its value just months after its purchase, and has been underwater ever since.

"You'd think a Nobel Prize winning economist could recognize a housing bubble," says Herman Minsky, a retired television executive who purchased Krugman's home at a huge discount. "But hey, I'm not complaining."

Conscience of a Fraud 

Krugman, a renowned trade economist, joined the New York Times as a columnist in 2000. Since the start of the financial crisis he as used the platform to argue vociferously for what he terms Keynesian deficit spending.

However, Keynes did not advocate using debt financing to stimulate the economy. Rather, he argued that government should save in the good times and spend in the bad.

Through his lawyer, Bertil Ohlin, Krugman explains that despite his travails with spending and debt in his personal finances, he stands by his pseudo-Keynesian policies.

"I still defend my analysis that on the macroeconomic level sovereign debt crises can be fixed by increasing government borrowing to lift aggregate demand. I admit, however, that on the microeconomic level this strategy has failed spectacularly."

Views: 228

Reply to This

Replies to This Discussion

*Note, above article started as a statical joke upon further research. Still leaving it up here as it is funny.

funny  all the same!

RSS

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

cheeki kea posted a photo
Wednesday
Burbia posted a video

Strange Videos That Expose Something Massive

#disturbing #video #strange #scary #scaryvideos #strangevideos This is a compilation of the most disturbing videos on the internet, not only...
Wednesday
Doc Vega posted blog posts
Tuesday
Burbia commented on Burbia's video
Tuesday
Burbia posted a video

SUPEROLA & THE LOST BURGERS

This Game is RUBBISH !
Tuesday
Doc Vega posted a blog post
Jul 26
pohonemas33 team commented on tjdavis's photo
Thumbnail

DejaVu

"nice very goodjob, i wish you can visit official situs pohonemas33"
Jul 26
Sandy posted a photo
Jul 26
Doc Vega posted a blog post
Jul 25
Saint Quinn favorited Burbia's video
Jul 24
Doc Vega posted blog posts
Jul 24
Burbia commented on tjdavis's blog post The Jewish Couple That Taught Bob Dylan Hebrew and Introduced Him to Zionism
"Haaretz put this story behind a pay wall. Sali Ariel and Terry Noble were the names of the couple…"
Jul 23
William Heckman is now a member of 12160 Social Network
Jul 23
cheeki kea commented on tjdavis's photo
Jul 23
cheeki kea commented on cheeki kea's video
Thumbnail

This Woman DESTROYED Harley-Davidson's Future Forever

"It's a sad day on the highway. But I guess the show must go on. Watch out for the ruination of…"
Jul 23
cheeki kea posted a video

This Woman DESTROYED Harley-Davidson's Future Forever

This Woman DESTROYED Harley-Davidson's Future ForeverWelcome to Ride Radar – Your Frontline Source for Motorcycle Deals, Trends & Market Mayhem.Looking for t...
Jul 23
tjdavis posted a photo
Jul 23
Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
Jul 21
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
Jul 21
Doc Vega's 7 blog posts were featured
Jul 20

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted