Comments "Talking to Paul Krugman (Harald Schumann on the trail - the complete interview)":
Author: ArashirnYou don't seem to grasp that difference at all. You just keep repeating the same old incomlete story of treating Fed expansion money the same as bank loans for mortgages etc which are paid back.
Author: VijinKrugman on one of the reasons politicians are so stubborn in clinging to their erroneous policies:
Author: YozshugalA lot of butt hurt libertarians in comment section :)
Author: KajilarMrHalified - You have not read or taken into consideration what I have said before.
Author: Tojashoso explain to me how debt IS a GOOD thing. Being in debt is the exact opposite of being independent.
Author: ArabeiVielen Dank für das Hochladen des vollständigen Interviews!
Author: MazubeiIt seems that is the limit of your thinking and articulation.
Author: KigagalDecade long printing? Are you talking about QE? QE monies are in the bank reserves. They are not in the money supply. The rates will remain at zero until the Fed says otherwise. Get a clue.
Author: Vudojin10:10 : "That my income comes from selling to you, and your income comes from selling to me is not easy for people who think in slogans to grasp!"
Author: DukazahnKrugman wrong again !!
Author: ShakasaIt never does because correlation proves nothing about a cause and effect especially when the factors are not taken into account or even shown to be considered in this video. Not mentioned or explained at all.
Author: KigagrelAfter all what would people who lent Brazil money do with inflation affected Barzilian Cruzeiros which Brazil printed to infinity in the late 1980's to pay their debt. And Brazil issued it's own currency since it was a sovereign currency country.
Author: MalarIt's all a power play by him to gain power for Federal governments and particularly governments of one ilk who he sees as supporting his thoughts.
Author: KajiranHe states at that point "Every euro in spending cuts seems to uh on average have cost one point five euros of gross domestic product". The inference by Krugman that the cuts caused the other. So he has quarantined the two and says one necessarily caused the other. Yet they are not the only two things that happened , and not by any means. It may have been Interst rates that caused the both or outside influences which caused the both like a default by a partner of the EU. But that is not mentioned at all as a factor since it is awfully inconvenient to do so.
Author: DutaxeThis is crazy since there is no fixed amount of money in any economy that is a magic figure which is ideal. The problem is where governments have created too much money like all of those thirty or more countries that expanded their money too high and caused a currency crisis. Such names a s Hungary, Argentina, Brazil, Zimbabwe come to mind for having done that.
Author: ZulkijinnThere are NO examples anywhere of countries who "ran out of money". There are plenty who failed to balance their budgets and tried to pay for their debts by more budget deficits and further money expansion.
Author: KazrabeiAnother wrong assumption and conclusion by Krugman at 5.25 . Corelation between what he calls "Austerity" and a downturn does not mean one caused the other.
Author: KazizilkreeSo that comes to the conclusion which is easy to see and that is all debt eventually becomes into the private sector from government. It cannot fo the other way simply because governments don't pay off private debt .
Author: AkisidaAt 3.30 Krugman states about Spain "they are able to borrow historically cheaply ". Then he follows with "and they didn't do that by balancing their budget" "they didn't do that by balancing their budget, they didn't do that though austerity, they did it because the ECB has stabilised the markets."
Author: MigisCan anyone illustrate a situation where governments pay off private debts?
Author: TygorHis exception is of course made since he wants Federal governments to have power over the other governments and organisations and private individuals.
Author: MaularHe is not in favour of Equality at all. He speaks of it but he is not really in favour of it. He is totally hypocritical as far as economics and accountability are concerned since he want one rule for one organisation and a totally different rule for others.
Author: KazrarrThe man is on the record advocating a real estate bubble as a remedy for the dot com bubble.
Author: JulkreeThe same errors in logic are evident in many of Krugman's statements.
Author: ZologamiIt hurts so much seeing this idiot journalist kissing Krugman's ass. Being wrong and not knowing it like Krugman is one thing but this egomaniac journalist to prepare his stage just to shine in his pale light is really disgusting. I'm so glad that eventually history is going to discard both of them with their toxic ideological trash. Eventually.
Author: AkigoreTotally incorrect conclusion drawn from unrelated observations. Poor homework revealed on this.
Author: NigamiHe does not use the word " austerity" when private people or organisations fail to balance their budgets but rather accuses them of causing the GFC bubble.
Author: ArashijarAll those Americans who lent Brazil money are still either trying to get some value back rather than the heavily inflated soverign currency that Brazil printed or have just given up the ghost in frustration !!
Author: GarnSuch answers often contain like " well yes and no depending on the circumstances ra. ra. ra." Non communicative and very often accompanied by a body language that is negative and closed rather than open.
Author: VudoktilarThe real question is -'Why doesn't Greece borrow like Spain can ?
Author: MukreeHe must also know that government debt is not paid out by governments. This is in sharp contrast to private debt which is created by fractional reserve expansion by private banks and then contracted when the debts are paid off. This private debt is obtained to carry out enterprises that are directly related to demand by the public as consumers.
Author: KashuraThat process is distinct from what happens with teh Fed's expansion of money process. In case of the Fed the new money is never finished since the debt is never paid off.
Author: KiganrisBasic, basic error of logic Mr Krugman. .
Author: NikogisSuper! Yes, follow the advice and watch with English captions! Very interesting.
Author: FenrijinnThe lack of what he terms "austerity" is the problem since he selectively uses the word "austerity" as if it is something undesirable when he should be using the words " responsible budgeting" .
Author: ZugoreThe two are seperate activities. Note the difference !!
Author: ShaktigisHe doesn't disclose the reason why Greece can't borrow as much as Spain because he fails to finish his next sentence and changes tactics half way through. "not because of those programs but because the ... Basically countries that are .... that don't have their own currency , markets can get very nervous. "
Author: DaimuroHe knows that without his so called "austerity" for all those other institutions the economy would fail even more badly. Just as the failures of Federal sovereign governments are evident. Exception from accountability for a select few is his game.
Author: FaezragoreIt was the private sectors fault - governments didn't overreach... hilarious.
Author: FauhnHe doesn't let the facts so evident in reality get in the way of his crazy rubbish theory of money printing.
Author: Sajas@Yo ski yeah your right who whose Paul Krugman just another noble prize winning economist
Author: YozilAs if nobody cares if a borrower runs out of money and starts repaying in worthless currency they printed by expanding their money supply massively to pay their debts.
Author: DashoI agree. That is a startegy they often employ to later have a get out of jail card. A common ploy of people who when questioned say yes to two questions which are opposite and put a qualification on each. This serves as a way of getting out of making a definitive statement which might disclose the facts yet wanting to appear to answer truthfully.
Author: AkinocageMy god a minute and a half in and hes already made the most ridiculous statement I've ever heard a nobel prize winner make.
Author: ZulukoraNot a result of good economics at all just power plays for greedy politically motivated people in government and empowered by centralist governments but paid for by the everyday person.
Author: TaujasGovernments do not pay off private debts in any circumstances.
Author: TaulmaranDid they have someone hold the camera the entire time?
Author: ShaktilarThat is a crazy statement if you examine it and is based on some idea that there will not ve enough money to operate. If a government like a private individual does not have their own currency printing ability then they must borrow it at the prevailing rate from other counties.
Author: TojajoraBesides this claim that 'Austerity' is the cause of problems in the EU the fact is that Krugman LOVES what he calls "Austerity". He loves it in economies since he is in favour of it being compulsory for every government and organisation except Federal sovereign governments who issue their own currencies.
Author: GazuruThe fact is the 95% of the money that banks crete by fractional reserve processes goae into the economy as loans - Rerepayable loans that relate to a person or organisatioin producing goods and services. (e.g like a house mortage to build ahouse). When those goods or servicices are completed and the person pays back the loan by doing other work in the community and the process of expansion is reversed and the bank loan (e.g. mortgage) is finished and ceases to exist.
Author: SamuzilkreeNo answer given as to why he fails to finish the first sentence. Why
Author: ZubarBut that's OK as far as Krugman sees it.
Author: Nikorr11:37 very funny " when someone has strong beliefs evidence doesnt change their mind the better informed they are the more resistant to evidence they are"
Author: KigakasaKrugman is not an economist at all. He is a court astrologer, whose entire purpose in life is to concoct asinine rationalizations for more government spending, borrowing and taxing.
Author: FaegalAgree, spot on as far as EU and intervened countries PK is 100% correct. Robin Wells has certainly contributed for such an accurate view. Things have bent so much towards the awkward right that for many PK sounds like a extreme left socialist. I love his views, his modesty and his love for my country too.
Author: ZuzragoreFantastic quote. I don't know if he invented that picture ("people who think in slogans") but I will borrow that. It certainly is a very telling image.
Author: ZuluzshuraIf they were the same then there would be no need at all for a Fed to do what they do since the private banks could do it. The Fed's money creation would be redundant !!
Author: BraktilarKrugman says governments who do not have their own currency may run out of money
Author: GojinnHe uses double standards and muddles things up and fails to see the real connections.
Author: KajikusThe situation with government debt is it is Never paid off. Consequently taxpayers (the private sector) pay the interest on it through taxation which funds government borrowings internally and overseas. That situation does not happen in reverse.
Author: GoltinosHe wants centralist governments to be unaccountable to the people.
Author: DojinnIt is a crazy fabrication created by him maybe for and excuse for his money expansion mania. .
Author: NelarThe can do this just as people borrow. Sure the interest is a burden but overseas organisations and banks will lend it just as the US government and private institutions lend it.
Author: DogrelJust like what happens in fractional reserve banking in the private sector !!
Author: MazukoraFor example it may be a correct observation of facts as such as in the following example:- People keep falling on the footpath where there are cracks therefore the people are causing the cracks when falling. It may be true but cannot be said to be so since other factors may wel be involved - eg it might be also slippery or the cracks might have been caused by cars mounting the footpaths to do U turns. Also people may be falling because of the slipper pavement alone.
Author: KizuruOften when the truth is they just don't know or can't answer becasue they feel the facts they disclose might incriminate them.
Author: AkinozshuraEarth calling Mr Malified - Do you understand that ? Come In Halified !! Earh calling.
Author: DujasPaul Crookman? Nah, I go with Ron Paul!
Author: ShaktimiKrugman idol its democratic party....and Obama its his God.
Author: MazuraThe real answer is because they have not demonstrated the restraint in spending that Spain's government austerity shows as evidence of not going down the bankruptcy path of Greece (and Krugman ) - Spend, spend, spend, which got Greece into so much trouble and others are rightly wary of because it results in financial chaos and loss of wealth for who invested in Greece.
Author: ShaktimuroHe must know that the creation of debt starts with government since debt is expressed in monetary terms and that money comes into creation by government expanding the money supply.
Author: MahnJust listen to the ridiculousness of what he's talking about. I'm not even saying he's dumb or that he's not right.....it's simply the entire idea behind the system that he speaks about just seems terrible to me!