Disney World, Paul Krugman, and Market/Economic News – Ep. 75

* Disney's theme parks are a monument to capitalism as it existed when Walt Disney envisioned Disneyland

* The Hall of Presidents, however manages to honor presidents who supported big government over the free market

* The choice of presidents demonstrates revisionist history that supports the liberal, big-government narrative

* Whenever you expand government you contract liberty

* The Dow ended the week down 279 points; NASDAQ down 75

* The search is on for excuses but the real issue is not global causes but U.S. economic performance

* Housing Starts and Permits were way below estimates

* Jobless claims were higher than expected

* Leading Economic Indicators weaker than expected this month after last month's downward revision

* Core CPI came in twice expectations, but described as "better than expected"

* The dollar had a very weak week; Canadian dollar had strongest week in years, with a possible rally going forward

* Weakness in Stock Market, continuing weak economic data makes June rate hike less and less likely in the minds of traders

* The most prominent poster boy for the myth of the U.S. economic recovery, Paul Krugman, recently published an article claiming victory for U.S. Keynesian economic policy

* Krugman claims U.S. is performing better than Europe due to Keynesian policies

* Perception is not reality: the U.S. is not doing as well as Krugman would have us believe

* Krugman references an article by Germany Finance Minister Wolfgang Shauble, criticizing him for rejecting macroeconomics

* Macroeconomics IS B.S. and should be rejected

* Krugman infers that Europe's woes are the result of rejecting Keynesianism

* Shauble warns against going for the "quick fix" of Keynesian policies

* Germany understands that austerity, rather than debt, is the answer

* Krugman believes we should continue to create bubbles through stimulus and debt

* It will be interesting to see what Krugman says when the U.S. economy slips back to recession as Europe grows

* Europe's approach was not perfect, but it is better than the politically expedient solution championed by Krugman


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