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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: CalculatedRisk	11/24/2004 12:12:33 PM
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Paul Krugman's comments yesterday have given me pause. Many on this thread know of him as a liberal commentator for the NY Times, however that is his 2nd job. He is an economics professor at Princeton and is considered a leading Nobel candidate. I've been reading his (IMHO brilliant) economic insights for at least 15 years. Unlike perma-bears (not really perma- but they seem like it) like Roach and Fleckenstein, it is unusual for Krugman or anyone of his stature to make a bold prediction on the economy. Krugman did correctly predict that the Bush tax cuts would lead to large deficits and the overall Bush fiscal policies would lead to poor job creation. Now Krugman is joining Roach, Volcker and others in predicting "economic Armageddon" if we continue to follow the current Bush policies. That might not seem bold to the readers of this thread, but it is significantly out of the mainstream. Krugman is a leading expert in currency crisis, so his calling America a "banana Republic" is chilling. I recommend listening to Dr. Krugman's comments yesterday (3 minutes): marketplace.org or read this article: Krugman: Economic Crisis a Question of When, Not If truthout.org

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