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If you can create even the illusion of high profitability for a few years, then when the thing collapses you can walk out of the wreckage a very rich man.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Paul Robin Krugman
Paul R Krugman
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Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?
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Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.
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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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[D]ebt increases that didn't arise either from war or from extraordinary financial crisis are entirely associated with hard-line conservative governments.
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What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.
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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
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I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?
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Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.
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Every once in a while I feel despair over the fate of the planet. If you’ve been following climate science, you know what I mean: the sense that we’re hurtling toward catastrophe but nobody wants to hear about it or do anything to avert it.
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The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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The goal in the end is not to win elections. The goal is to change society.
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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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The planet will continue to cook.
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So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.
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On the political as on the economic front it's important not to fall into the not as bad as trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.
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