Paul Krugman gets it

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What has happened, it turns out, is that by going on the euro, Spain and Italy in effect reduced themselves to the status of third-world countries that have to borrow in someone else’s currency, with all the loss of flexibility that implies. In particular, since euro-area countries can’t print money even in an emergency, they’re subject to funding disruptions in a way that nations that kept their own currencies aren’t — and the result is what you see right now. America, which borrows in dollars, doesn’t have that problem.

Paul Krugman, Legends of the Fail

It’s as simple as that.

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6 Comments
  1. ChrisBern says

    The problem with Dr. Krugman is for every quote you can find that shows he “gets it”, you can find another quote to show that his deep biases have clouded his judgment in economic matters to the point of being inaccurate.  So to say “Paul Krugman gets it” requires a selective reading of his opinions, because a comprehensive reading would lead to a less flattering conclusion!   :)

    1. Edward Harrison says

      This is a big step on Krugman’s part because if you read his stuff from July (I linked and responded to it in the post linked at the bottom), he was saying he didn’t know why Italy and why not Japan. Now he’s saying he knows. So that’s a good thing.

  2. ChrisBern says

    The problem with Dr. Krugman is for every quote you can find that shows he “gets it”, you can find another quote to show that his deep biases have clouded his judgment in economic matters to the point of being inaccurate.  So to say “Paul Krugman gets it” requires a selective reading of his opinions, because a comprehensive reading would lead to a less flattering conclusion!   :)

    1. Edward Harrison says

      This is a big step on Krugman’s part because if you read his stuff from July (I linked and responded to it in the post linked at the bottom), he was saying he didn’t know why Italy and why not Japan. Now he’s saying he knows. So that’s a good thing.

  3. Dave Holden says

    “This is a big step on Krugman’s part..”

    It’s both shocking and sad I have a better understanding of this than a “Nobel” Prize winning economist.

  4. Dave Holden says

    “This is a big step on Krugman’s part..”

    It’s both shocking and sad I have a better understanding of this than a “Nobel” Prize winning economist.

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