Revenge of the gold nuts

http://www.thestreet.com/story/10906837/1/revenge-of-the-gold-nuts.html

Nobel prize-winning economist Joseph Stiglitz, a frequent critic of the IMF, expressed some skepticism. "Without knowing anything about this, it's more likely a group of gold nuts, of which there many," he said of GATA.

Stiglitz sounds like another Nobel Laureate in Economics who sounds bitter since he's been on the wrong side of a trade--again. Is one of the criteria for winning a Nobel in Economics to be consistently wrong on forecasts? Paul Krugman, are you listening?

Stiglitz US and UK default

Nobel laureate Joseph E. Stiglitz said the prospect of a default by the U.S. or the U.K. is an “absurd” notion constructed in financial markets.

Both nations “deserve to keep the Aaa rating” and “the likelihood of a default is so small, particularly in the U.S. because all we do is print money to pay it back,” he said in response to questions after a speech in London yesterday. “The notion of a default is so absurd, it’s another reflection of the absurdities in the financial markets.”

Let's see...I don't have a Nobel Laureate, but the comment of "the likelihood of a default is so small, particularly in the US because all we do is print money to pay it back" sounds like circular logic to me.

While Moody’s Investors Service says the grade may face pressure without more action to cut the budget deficit, Stiglitz said the economy requires more stimulus right now.

Sounds predictably like quantitative easing to infinity to me.