The Corner

Krugman Files for Bankruptcy: Boston.com Falls for Fake News Story

Another prominent news organization has been duped by The Daily Currant, a satirical news site similar to the Onion. Boston.com, a site associated with the Boston Globe, reported this morning that Nobel Prize–winning economist Paul Krugman had filed for personal bankruptcy. From Boston.com:

Paul Krugman, the king of Keynesianism and a strong supporter of the delusion that you can print your way out of debt, faces depression at his very own doors.

According to this report in Austria’s Format online mag, Krugman owes $7.35 million while assets to his name came in at a very meager $33,000. This will allow the economist and New York Times blogger to get a feel of how the majority of Americans go about their dreadful lives without any savings and a social system that will only shed pennies to him.

Krugma’s list of debts shows a stunning similarity as to what’s wrong these days. The biggest chunk is related to a $8.7 million loan for his Manhattan condo, followed by $621,000 in credit card debt. Krugman probably is not seen of 5th Avenue anymore. Among his list of creditors, Tiffany’s stands out with a $33,000 in open collections.

Things really went downhill for the star economist. His Manhattan residence lost 40% in value and makes one wonder how can somebody do so bad in the best of all US property hotspots. Krugman went deeper into the red by impulsive shopping splurges, throwing his money after Portuguese wines and British dresses from the Victorian period, flattening his Black Amex card by $84,000 in one month.

While this would be delicious irony, the author of the article — “Prudent Investor,” according to the byline — didn’t verify his sources. He cites the Austrian business magazine Format, who seems to have pulled it from the Currant as if it were a wire service. We can only hope that Boston.com’s author is more prudent with his investments than with his reporting.

Last month, the Washington Post was fooled by a Currant piece that said Sarah Palin was joining Al Jazeera as a contributor in order to “reach millions of devoutly religious people.”

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