Ah, it all becomes clear now

Lew Rockwell on Krugman's official recognition for fatuous pontification:

Unlike all the real Nobel prizes, which were established and funded by Alfred Nobel, the economics prize was established and funded by the Swedish central bank. With the sole and shining exception of F.A Hayek, who was forced to share his prize with a Swedish communist, every other Nobel econ winner has been a shill for central banking. This year especially, the central bankers wanted a loyal propagandist for endless currency depreciation.

While not as farcical as the award of the Peace Prize to Arafat, considering the timing and the nature of the accolade, it comes close.

UPDATE:

Well, small wonder now:

Europe put $2.3 trillion on the line Monday to protect the continent's banks, a figure that dwarfs the Bush administration's $700 billion rescue program, in its most unified response yet to the global financial crisis after a stumbling start.

Maybe if we push the string harder...

I expect a plan to develop next week that involves the application of the Large Hadron Collider.