Paul Krugman

@paulkrugman ↗

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Last Checked Dec. 18, 2020

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Sat Nov 21 12:34:04 +0000 2020

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Paul Krugman @paulkrugman

But Britain didn't have that problem because unlike Spain, which was on the euro, it had debts in its own currency — and the Bank of England could always print money to pay the bills if necessary 6/ — PolitiTweet.org

Posted Nov. 21, 2020

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Paul Krugman @paulkrugman

He argued that it was a self-fulfilling liquidity crisis. Investors were afraid that Spain would run out of cash, and were fleeing out of that concern — creating the very cash crunch they feared. 5/ — PolitiTweet.org

Posted Nov. 21, 2020

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Paul Krugman @paulkrugman

This suggested that the European Central Bank could stop the panic simply by promising to provide cash if needed. And in July 2012 Mario Draghi said three words: "Whatever it takes" 7/ — PolitiTweet.org

Posted Nov. 21, 2020