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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?

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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By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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As I've often said, you can shop online and find whatever you're looking for, but bookstores are where you find what you weren't looking for.
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It’s not about the budget it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t.
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We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education then the “high school movement” made us the first nation to embrace widespread secondary education.
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The federal government is basically an insurance company with an army.
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When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
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