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Politics : View from the Center and Left
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To: JohnM who wrote (220202)3/22/2013 11:29:07 AM
From: Steve Lokness  Read Replies (1) of 542233
 
<<<<< That represents such a misreading of that short Krugman piece that I'm tempted to post it again >>>>>

John, perhaps my argument was poorly worded. I made one small point about Krugman's piece and that had to do with your misperception that Krugman had argued that Iceland and Cyprus were similar. You said that, Krugman didn't! The only lumping that Krugman did was for his suggested solution (sorry - part of his suggested solution)- devalue the currency. Most of Krugmans piece was about what to do with the Cyprus banks - I made no comment on any of that.

Bentways posted piece this morning mentions how unique Cyprus is. I vehemently stand behind the fact that Cyprus has little similarities with Iceland - other than that they are tiny island nations. The Cyprus problem is indeed very unique because of the role Russia plays in the country - whereby Russians are laundering their huge fortunes through Cypriot banks. NOW, you may have mixed up Iceland and Ireland (which was also mentioned in the article), but that was my point!!!! Krugman argues about the rest of Europe and then out of the blue in the last sentence throws out Iceland.

If you believe the answer to the problems in Cyprus is to devalue their currency - then support that position of Krugmans. But if you criticize my point, you should at least do so with evidence instead of the old argument that I don't like Krugman. The Cyprus problems are waaaaay different than Icelands because of the Russian involvement there.

krugman.blogs.nytimes.com
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