Image credit: Commonwealth Club.
In a repeat of the humiliation suffered by the People’s Daily when it took the Onion as fact and reported that Kim Jong-un had been voted sexiest man in the world, Guangzhou-based magazine the 21st Century Business Herald excitedly reported that Nobel prize winning economist Paul Krugman had declared bankruptcy, without bothering to check whether the source, satirical site The Daily Currant, was genuine.
The introduction to the Daily Currant piece:
Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.
In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.
On Sunday the Herald posted an article (since deleted) entitled: “Krugman, Nobel laureate, files for personal bankruptcy”. SCMP salvaged the following Weibo post before it too was taken down:
[Krugman’s] own deficit reached more than US$7 million from Manhattan apartment mortgages, credit card debts and jewellery from Tiffany. His biggest investment failure was the acquisition of real estate in 2007, which saw its value drop 40 per cent. Krugman’s lawyer said although he is going through a debt crisis, he still supports Keynesian policies.
According to Celebrity Net Worth, a slightly stalky wealth ranking website, Krugman has an estimated net worth of $2.5 million.