Paul Krugman: Currency Regimes, Capital Flows, and Crises



Fourteenth Jacques Polak Annual Research Conference, IMF, Washington, November 7, 2013 http://www.imf.org/external/np/res/seminars/2013/arc/index.htm http://www.imf.org/external/mmedia/view.aspx?vid=2820747172001 Paul Krugman: Currency Regimes, Capital Flows, and Crises http://www.imf.org/external/np/res/seminars/2013/arc/pdf/Krugman.pdf http://www.palgrave-journals.com/imfer/journal/vaop/ncurrent/full/imfer20149a.html http://www.palgrave-journals.com/imfer/journal/vaop/ncurrent/pdf/imfer20149a.pdf http://krugman.blogs.nytimes.com/2014/08/30/day-of-imfamy-2/ "I wasn't thinking much about the importance of having your own currency at first. I learned about that a couple of years into this Don Quixote role." - Paul Krugman, April 11, 2013 http://www.businessweek.com/articles/2013-04-11/how-to-beat-a-dead-horse-by-nobel-economist-paul-krugman http://pragcap.com/a-puzzle-solved Q: What have you been wrong about? Krugman: "I was really quite wrong about fiscal crises. If you go back to the early 2000s I thought that the US could have a crisis - something like what eventually happened to Greece..." Here Are 5 Big Things Paul Krugman Says He Got Wrong Over The Years http://www.businessinsider.com/big-things-paul-krugman-got-wrong-economy-2014-11 Wolf: Why is the eurozone different? The strange case of Spain & UK https://www.youtube.com/watch?v=m7SuQ8MbVEs http://www.imf.org/external/np/seminars/eng/2013/macro2/pdf/mw.pdf "Nobody seems to have laid out exactly how a Greek-style crisis is supposed to happen in a country like Britain, the US, or Japan -- and I don't believe that there is any plausible mechanism for such a crisis. [...] A country that borrows in its own currency can't be forced into default, and we've just seen that it can't even be forced to raise interest rates." - Paul Krugman http://www.imf.org/external/np/res/seminars/2013/arc/pdf/Krugman.pdf "It's very hard to come up with any reason why either the US or the UK might default, since they can simply print money if they need cash." - Paul Krugman http://krugman.blogs.nytimes.com/2012/11/25/incredible-credibility/ "For we have our own currency — and almost all of our debt, both private and public, is denominated in dollars. So our government, unlike the Greek government, literally can't run out of money. After all, it can print the stuff. So there's almost no risk that America will default on its debt. But if the U.S. government prints money to pay its bills, won't that lead to inflation? No, not if the economy is still depressed. Still, haven't crises like the one envisioned by deficit scolds happened in the past? Actually, no. As far as I can tell, every example supposedly illustrating the dangers of debt involves either a country that, like Greece today, lacked its own currency, or a country that, like Asian economies in the 1990s, had large debts in foreign currencies." - Paul Krugman http://www.nytimes.com/2012/11/26/opinion/krugman-fighting-fiscal-phantoms.html "It's very hard to come up with any reason why either the US or the UK might default, since they can simply print money if they need cash." - Paul Krugman http://krugman.blogs.nytimes.com/2012/11/25/incredible-credibility/ "For we have our own currency — and almost all of our debt, both private and public, is denominated in dollars. So our government, unlike the Greek government, literally can't run out of money. After all, it can print the stuff. So there's almost no risk that America will default on its debt. But if the U.S. government prints money to pay its bills, won't that lead to inflation? No, not if the economy is still depressed. Still, haven't crises like the one envisioned by deficit scolds happened in the past? Actually, no. As far as I can tell, every example supposedly illustrating the dangers of debt involves either a country that, like Greece today, lacked its own currency, or a country that, like Asian economies in the 1990s, had large debts in foreign currencies." - Paul Krugman http://www.nytimes.com/2012/11/26/opinion/krugman-fighting-fiscal-phantoms.html "Nobody seems to have laid out exactly how a Greek-style crisis is supposed to happen in a country like Britain, the US, or Japan -- and I don't believe that there is any plausible mechanism for such a crisis." "A country that borrows in its own currency can't be forced into default, and we've just seen that it can't even be forced to raise interest rates." - Paul Krugman http://bit.ly/HulvUM

Comments

  1. buy Bitcoin
  2. this man is a genius when it comes to money but he is wrong in a way because the United States may have a different looking currency but it is still owned by a private bank the Federal Reserve is privately owned by the Rothschild so therefore we are completely at risk just like Greece because they can to stop inflating our money at any time
  3. Thank you for the Upload. 
  4. this my shit 
  5. paul please overcome your pride and willful ignorance.
  6. Krugman is an academic who has absolutely not clue one about how real economics work.
  7. I cant believe anyone listens to this moron or his failed Keynesian economic philosophy.
  8. There is nothing complicated about the simplicity behind the bottom line of how these international fractional reserve criminal banksters operate.
    That is why they have purposefully created an obfuscation via contrived economic rhetoric and propaganda and mind numbing complex tax regulations to mask the simple fact they create money out of thin air and control we the people as slaves to debt. People actually spend a lifetime to get a PHD in this obfuscation. It's utterly mad.
  9. We are in trouble, and not because of the garbage that is coming out of this man's mouth but because there are so many attentive listeners, acting as though they are about to really learn something.  Let me make it very clear what the problem is: COUNTERFEITING.  The financial systems of the world have been taken over by a few very intelligent, organized and resourceful men who devise a system of counterfeiting.  Clear your mind and think about this bit of statistics.  On June 1929 there were 71.9 billion federal reserve notes (silver certificates excluded) in circulation which were suppose to be precious gold receipts "PAY BEARER ON DEMAND" and ""This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank" but there were only 3 billion dollars worth of gold in reserves.  Now some people will argue what we could not have maintained the economy with 3 billion dollars worth of gold in reserves.  That is a typical dishonest redirection. If this was a problem then it is up to congress the remedy the problem, NOT FOR PRIVATE BANKS TO START COUNTERFEITING PAPER NOTES USING THE FRACTIONAL RESERVE SCHEME!  What do you think people did when they heard rumors of an impending economic downturn?  They all rush to the banks to redeem their paper receipts, the federal reserve notes. But no matter how long they waited in line at their local banks, there simply was not enough gold to counter all the counterfeited Federal Reserve Notes.  Today the same, banks using the FRACTIONAL RESERVE LENDING SCHEME, are counterfeiting "hard paper currency money" and causing huge amounts of fictitious debt. Explained in united states dollars the world' debt totals 139,89 trillion USD but there is only actual hard currency of 68.33 USD.  Who is buying the security bonds and with what money? 
    Paul Krugman is on the take as many other key economist who come up with some deliberately confusing concepts and terminology in an attempt to hide the truth.  The austerity info in this video is hogwash.
  10. its painful to watch him speak
  11. "Debt could be a problem if you don't have your own currency."  Well that 's a bold statement. This guy is a Nobel prize winner !! The fact is "debt could be a problem" - that is whether you have your own currency or someone elses currency. If one stops to think that is. If it is not a problem when you have your own currency then go tell the high debt own currency counties which have historically defaulted and have their own currency. The problem with having debt and your own currency and thinking this will get you out of it by money printing only means that the currency crisis will be certainty NOT Maybe a certainty.  WILL and MUST be a crisis - Krugman or NO KRUGMAN,  Nobel Prize or cup cake prize !!  selective diagram or Not - it matters Not - IT IS a CERTAINTY if you think that way.. 
  12. Ha ha, Krugman, your side won the debates on debt, lol, your a total ignoramus, how have you won when your neoclassical or new Keynesian views have been proved to be a fallacy - the great recession is a sudden stop, laughable, this problem goes back to the 70's, and your model not being able to comprehend, banks, money and debt appropriately, i.e. these points do affect aggregate pricing and therefore causes long range bubbles, boom and bust, so they are not sudden shocks either.  Neoclassical macroeconomics, `EMH, ISLM should be put in the economic dustbin along with DSGE.  We need a dynamic model that copes with all circumstances including depressions caused by a globally debt ridden world.  The US is becoming Japan - welcome to Govt control of money supply whilst long term de-leveraging takes place (30yrs+?).  No equilibrium for 6 years now Paul, its no wonder economics is heading towards paradigm shift, its pure ignorance that has led you to say that you could have been wrong and your career has been built on sand - which will be proved as University's begin to teach plurality of though and remove the stranglehold of neoclassical view.  Funny how you skip over things that you say don't matter do, and you cant explain them  - anyone says trust me, implicitly says your are bullshitting everyone.  Economics has become a religion, its taught like that, within one view, and now you have no ability to explain things differently - about time you went the way of the dinosaur.
  13. Economics backed by coherent rhetoric-free evidence based analysis; take notes Repubs.
  14. Thanks for uploading!


Additional Information:

Visibility: 25735

Duration: 0m 0s

Rating: 89