4 ms·
“With war looming, it’s time to be prepared. So last week I switched to a fixed-rate mortgage. It means higher monthly payments, but I’m terrified about what wi
by albertop 11y ago
“With war looming, it’s time to be prepared. So last week I switched to a fixed-rate mortgage. It means higher monthly payments, but I’m terrified about what will happen to interest rates once financial markets wake up to the implications of skyrocketing budget deficits. From a fiscal point of view the impending war is a lose-lose proposition. If it goes badly, the resulting mess will be a disaster for the budget. If it goes well, administration officials have made it clear that they will use any bump in the polls to ram through more big tax cuts, which will also be a disaster for the budget. Either way, the tide of red ink will keep on rising.”—Paul Krugman, New York Times, March 11, 2003
- UnWiseM4n 11y agoI'm new here, so maybe I'm missing something, but how is this comment a substantial contribution? Are you calling him a hypocrite? A specialist in the field changed their mind after 12 years? The inputs were much different 12 years ago. Brink of invading a country, still in a meh state after the dot bomb... A wise person, given sufficient evidence to do so, will change their mind. In the new article he clearly states reasons for having this new opinion. Things change.
- zaitcev 11y agoKrugman is a specialist in the field of licking a certain kind of bottom.
- cryptoglyph 11y agoAbsolutely. He's a charlatan.
- the_why_of_y 11y agoThe Krugman of 2003 was clearly a Keynesian; the Krugman that wrote today's column argues for higher debt during good times and so almost sounds like he's joined the Modern Monetary Theory camp.