Paul Krugman

Paul Krugman @paulkrugman

I think it was a dangerous mountain road. But I was in fact thinking about Chelm when I wrote today's col. — PolitiTweet.org

Paul Krugman @paulkrugman

Guns, Germs, Bitcoin and the Antisocial Right https://t.co/SaVI1VCBtB — PolitiTweet.org

Paul Krugman @paulkrugman

This is a really great and troubling article, and also an implicit refutation of libertarian ideology. Realistically, people buying condos have no way of knowing what risks they face, which is why we need regulation https://t.co/YCDgJc16fH — PolitiTweet.org

Paul Krugman @paulkrugman

What Philpp Hildebrand said:" [C]entral banks should take their foot off the gas this year ... But what they should not do at this juncture is slam on the policy brakes, deliberately to destroy activity." https://t.co/xFFKaKVaYh — PolitiTweet.org

Paul Krugman @paulkrugman

At sufficiently high levels of fraudulence, all forms of derpitude become a single, unified force https://t.co/KvgqduaZuc — PolitiTweet.org

Paul Krugman @paulkrugman

RT @mle_ross: many people seem to laud crypto as a great equaliser, or even a force for social justice. i remain concerned that instead, cr… — PolitiTweet.org

Paul Krugman @paulkrugman

via @NYTOpinion https://t.co/TlGwhnwO3S — PolitiTweet.org

Paul Krugman @paulkrugman

So far, then, no signs of a 70s-type wage-price spiral. Or to put it another way, no sign inflation is getting entrenched 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

Couple this with expectations data: expected inflation up a lot for next year but not so much over next 5 years, suggesting consumers expect shock to be temporary 2/ https://t.co/JGj8kRXLhI https://t.co/PvRlPZ0vTp — PolitiTweet.org

Paul Krugman @paulkrugman

OK, one report I was waiting for: the Employment Cost Index. Wage and salary growth still running high, but not *that* high and pace seems to be slowing 1/ https://t.co/1a4025hPpu — PolitiTweet.org

Paul Krugman @paulkrugman

And the delay means that we've created a monster that will be hard to tame 2/ https://t.co/thGhNVaOwL — PolitiTweet.org

Paul Krugman @paulkrugman

Regulators took their eye off the ball, and as usual, vulnerable people will pay the price 1/ https://t.co/WCtlU8C0M7 — PolitiTweet.org

Paul Krugman @paulkrugman

Exposing vulnerable Americans to risks they don't understand https://t.co/WCtlU8C0M7 — PolitiTweet.org

Paul Krugman @paulkrugman

Hearing a lot of "Well, GDP is up, but it's all inflation." No, that 5.5% is real growth; dollar growth was faster. Inflation is a problem, but it doesn't diminish the extraordinary real achievement — PolitiTweet.org

Paul Krugman @paulkrugman

Ezra Klein had an old line about a stupid person's idea of what a smart person sounds like. People, modern conservative intellectualism https://t.co/EMQBetHAKa — PolitiTweet.org

Paul Krugman @paulkrugman

Just a reminder that according to the Michigan Survey, Republicans rate the 2021 economy, with 5.5% growth and 7% inflation, as worse than the 1980 economy, with 0% growth and 12% inflation https://t.co/ca6PJIeWaA — PolitiTweet.org

Paul Krugman @paulkrugman

It's morning in America, with the fastest full-year growth since 1984. I'm sure this is bad for Biden. — PolitiTweet.org

Paul Krugman @paulkrugman

So crypto isn't posing macro risks comparable to 00s subprime. But there are some micro parallels, and they aren't pretty. More eventually 8/ — PolitiTweet.org

Paul Krugman @paulkrugman

And there surely isn't enough leveraged buying of crypto to create 2008-type financial stability risks, although things aren't great for holders of El Salvador bonds 7/ — PolitiTweet.org

Paul Krugman @paulkrugman

By contrast, residential investment peaked at almost 7% of GDP and fell by more than 4% 6/ https://t.co/PDSNM4BV7l — PolitiTweet.org

Paul Krugman @paulkrugman

Also, coin mining, although environmentally destructive and a big stress on some national energy markets, is still a fairly small economic activity. If I'm reading the numbers right, around 800K bitcoins mined in 2021; at $50K each, that's around 0.2% of US GDP 5/ — PolitiTweet.org

Paul Krugman @paulkrugman

For comparison, post-2006 housing bust wiped out wealth = ~60 percent of US GDP 4/ https://t.co/2lYIqfPSt9 — PolitiTweet.org

Paul Krugman @paulkrugman

Still, it's a big world out there. $1.5 trillion is about 7% of US GDP, and many of the losses falling on residents of other countries 3/ — PolitiTweet.org

Paul Krugman @paulkrugman

First: crypto faithful comparing this to "crypto winter" of 2017-18, which was comparable in percentage terms. But bc crypto so much bigger now, so is size of capital loss — around $1.5 trillion v $500 billion 2/ https://t.co/Z4RYXUUxBc — PolitiTweet.org

Paul Krugman @paulkrugman

Doing some background homework on the crypto crash, and parallels to subprime 15 years ago. Yes, I know the HODLers see it as a buying opportunity, and they could be right — not doing price predictions, just trying to think this through 1/ — PolitiTweet.org

Paul Krugman @paulkrugman

The job market is booming, but real wages are down. A clear recipe for political catastrophe, right? That was the situation just before the 1984 election https://t.co/mpuGlG5ds4 — PolitiTweet.org

Paul Krugman @paulkrugman

via @NYTOpinion https://t.co/Aet9bqZXry — PolitiTweet.org

Paul Krugman @paulkrugman

I’ve been out all day, but looking at current prices I guess nothing much happened in the market? — PolitiTweet.org

Paul Krugman @paulkrugman

There's a very old line: If you should happen to forget that you're Jewish, someone WILL remind you. Same, of course, for being Black, or Asian, or female, or ... — PolitiTweet.org

Paul Krugman @paulkrugman

And so far the evidence is that this is not happening 2/ https://t.co/uohyaPBZm5 — PolitiTweet.org