Never take trade tips from economists. I mean, Krugman’s smart about theoretical economics, but he’s the the classic example of mission creep and one annoying motherfucker when he lays on the overriding and all-encompassing knowledge about everything that is connected with money and how it works. Take for example the way he stays totally schtum about Bitcoin for nearly a year and then decides to run his “ha ha ha, you all stoopid” note on the thing on October 4th 2014, full of all the usual arrogance and
“So how’s it going? Bitcoin prices are down by two-thirds from their peak, and…”
dumbassery.
But wait, what’s this?
Oh look, Bitcoins just stuck in a 35% rally with the bottom on…October 5th!
This post is less about Bitcoin (you can have your opinion pro or contra the cryptothingy, I don’t care much) and more about the dangers of listening to people who are smart about one thing and because of that, get these delusions that they’re smart about everything. A better definition of plug dumb stupid about life is harder to find.