Bearded, Guinness-sipping, American tourist writes about Ireland. Should I care?
He teaches at Princeton. People listen to him. He has a Nobel Prize for Economics.
Kissinger has a Nobel prize for Peace.
He predicted the world-wide recession back in December 2006.
David McDreamy saw it coming back in the 80s.
In June, Krugman asked – vis a vis Ireland’s savage cuts and Spain’s lack of same – does austerity really impress the markets. His answer then was no.
So he’s changed his mind? Not very noble. Hur.
If by change you mean he’s more convinced than ever that our self flagellation was pointless then yes.
He’s compared the 10-year bond yield (don’t ask) of both countries. Guess what? Spain – the biggest messer in the class – is tearing us – the hard-working, arse-puckering toady – a new one.
Austerity be damned
Does he have graphs to prove this? Not pretendy ones from that website?
Is there a devastating quote from the article that will silence me and end this conversation?
“…since austerians were claiming bond market approval as a sign of its policy success, it is worth pointing out that dutiful Ireland looks as if it’s entering a runaway debt spiral, while malingering Spain is looking considerably better.”