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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
Blogger
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
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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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The French, unfortunately, actually believe what they say, and that has been very destructive.
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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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The federal government is basically an insurance company with an army.
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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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