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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (220147)	3/21/2013 12:17:09 PM
From: JohnM	Read Replies (1) \| Respond to of 542212

The only - and I mean ONLY thing the two countries have in common is that they are tiny. Actually, Krugman offers several reasons as to why Cyprus and Iceland are comparable. Which is, unfortunately, several reasons more than you have offered that they are not comparable. This is back to the play money idea again. Excessive debt doesn't matter because a country can just manipulate its play money and all will be right again. It is nonsense. A point you've made quite often, Steve. I still prefer to depend on Krugman's arguments here since they seem both more complex and more grounded in serious economic analysis. Definitely not grounded in moral outrage. Which seems to me to be the basis for your argument.