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=== "International Money Madness Strikes Again" === | === "International Money Madness Strikes Again" === | ||
In his first article, published in April 2023, Krugman called de-dollarization supporters Weimarists and claimed that they assumed the decline of the [[United States dollar|dollar]] would cause [[hyperinflation]] in the United States. He also pointed out that the [[United Kingdom of Great Britain and Northern Ireland|UK]] remained a major economy after the fall of the [[British pound]].<ref name=":0">{{Web citation|author=Paul Krugman|newspaper=[[The New York Times]]|title=Wonking Out: International Money Madness Strikes Again|date=2023-04-14|url=https://www.nytimes.com/2023/04/14/opinion/dollar-reserve-currency.html|archive-url=https://web.archive.org/web/20230510190420/https://www.nytimes.com/2023/04/14/opinion/dollar-reserve-currency.html|archive-date=2023-05-10}}</ref> | In his first article, published in April 2023, Krugman called de-dollarization supporters "Weimarists" and claimed that they assumed the decline of the [[United States dollar|dollar]] would cause [[hyperinflation]] in the United States. He also pointed out that the [[United Kingdom of Great Britain and Northern Ireland|UK]] remained a major economy after the fall of the [[British pound]].<ref name=":0">{{Web citation|author=Paul Krugman|newspaper=[[The New York Times]]|title=Wonking Out: International Money Madness Strikes Again|date=2023-04-14|url=https://www.nytimes.com/2023/04/14/opinion/dollar-reserve-currency.html|archive-url=https://web.archive.org/web/20230510190420/https://www.nytimes.com/2023/04/14/opinion/dollar-reserve-currency.html|archive-date=2023-05-10}}</ref> | ||
In reality, hyperinflation occurred in the [[German Reich (1918–1933)|Weimar Republic]] because Germany was required to pay its debts in foreign currencies. The USA and other countries created tariffs and trade barriers to prevent Germany from earning enough money to pay its debt, so Germany attempted to print Reichsmarks to pay its debts. The United States will not face similar inflation because its debts are in its own currency.<ref name=":1">{{Web citation|author=[[Ben Norton]], [[Michael Hudson]]|newspaper=[[Geopolitical Economy Report]]|title=NY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman’s dollar defense|date=2023-05-10|url=https://geopoliticaleconomy.com/2023/05/10/ny-times-dedollarization-michael-hudson-paul-krugman-dollar/|archive-url=https://web.archive.org/web/20230510154859/https://geopoliticaleconomy.com/2023/05/10/ny-times-dedollarization-michael-hudson-paul-krugman-dollar/|archive-date=2023-05-10}}</ref> | In reality, hyperinflation occurred in the [[German Reich (1918–1933)|Weimar Republic]] because Germany was required to pay its debts in foreign currencies. The USA and other countries created tariffs and trade barriers to prevent Germany from earning enough money to pay its debt, so Germany attempted to print Reichsmarks to pay its debts. The United States will not face similar inflation because its debts are in its own currency.<ref name=":1">{{Web citation|author=[[Ben Norton]], [[Michael Hudson]]|newspaper=[[Geopolitical Economy Report]]|title=NY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman’s dollar defense|date=2023-05-10|url=https://geopoliticaleconomy.com/2023/05/10/ny-times-dedollarization-michael-hudson-paul-krugman-dollar/|archive-url=https://web.archive.org/web/20230510154859/https://geopoliticaleconomy.com/2023/05/10/ny-times-dedollarization-michael-hudson-paul-krugman-dollar/|archive-date=2023-05-10}}</ref> | ||
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=== "What's Driving Dollar Doomsaying" === | === "What's Driving Dollar Doomsaying" === | ||
Krugman published a second article in May blaming [[Vladimir Putin|Putin]] and [[cryptocurrency]] for dedollarization. He said that dollar dominance is worth less than 1% of the U.S. GDP.<ref name=":0" /> | Krugman published a second article in May blaming [[Vladimir Putin|Putin]] and [[cryptocurrency]] for dedollarization. He said that dollar dominance is worth less than 1% of the U.S. GDP.<ref name=":0" /> However, dollar trade is important enough to the United States that it went to war with [[Libyan Arab Jamahiriya (1977–2011)|Libya]] for trying to develop a new [[Africa|African]] currency and threatened [[Russian Federation|Russia]] and China for using their own currencies.<ref name=":1" /> | ||
== Fascist apologia == | |||
Krugman equated [[Ukraine]]'s 2023 offensive against Russia with the D-Day offensive against [[German Reich (1933–1945)|Nazi Germany]]. He mentioned the [[Fascism|fascist]] groups in Ukraine but claimed they were not important and that Ukraine was a "real [[democracy]]".<ref>{{Web citation|author=Tom Mackaman|newspaper=[[WSWS]]|title=Paul Krugman’s dishonest apologetics for Ukrainian fascism|date=2023-06-06|url=https://www.wsws.org/en/articles/2023/06/07/fcgj-j07.html|archive-url=https://web.archive.org/web/20230610085814/https://www.wsws.org/en/articles/2023/06/07/fcgj-j07.html|archive-date=2023-06-10}}</ref> | |||
== References == | == References == | ||
[[Category:Economists]] | [[Category:Economists]] | ||
Latest revision as of 13:53, 10 June 2023
Paul Krugman | |
|---|---|
 | |
| Born | February 28, 1953 Albany, New York, United States |
| Field of study | Economics |
Paul Robin Krugman (born February 28, 1953) is a Statesian economist. In 2023, he wrote two articles opposing dedollarization in the New York Times, which Ben Norton and Michael Hudson of Geopolitical Economy Report have debunked.
Rebuttal to New York Times articles[edit | edit source]
"International Money Madness Strikes Again"[edit | edit source]
In his first article, published in April 2023, Krugman called de-dollarization supporters "Weimarists" and claimed that they assumed the decline of the dollar would cause hyperinflation in the United States. He also pointed out that the UK remained a major economy after the fall of the British pound.[1]
In reality, hyperinflation occurred in the Weimar Republic because Germany was required to pay its debts in foreign currencies. The USA and other countries created tariffs and trade barriers to prevent Germany from earning enough money to pay its debt, so Germany attempted to print Reichsmarks to pay its debts. The United States will not face similar inflation because its debts are in its own currency.[2]
Krugman listed three advantages for the U.S. dollar: first, most countries already use it; second, U.S. financial markets are open and not regulated like in China; third, the so-called rule of law.[1] The last concept is completely false because the USA supports dictatorships around the world.[2]
"What's Driving Dollar Doomsaying"[edit | edit source]
Krugman published a second article in May blaming Putin and cryptocurrency for dedollarization. He said that dollar dominance is worth less than 1% of the U.S. GDP.[1] However, dollar trade is important enough to the United States that it went to war with Libya for trying to develop a new African currency and threatened Russia and China for using their own currencies.[2]
Fascist apologia[edit | edit source]
Krugman equated Ukraine's 2023 offensive against Russia with the D-Day offensive against Nazi Germany. He mentioned the fascist groups in Ukraine but claimed they were not important and that Ukraine was a "real democracy".[3]
References[edit | edit source]
- ↑ 1.0 1.1 1.2 Paul Krugman (2023-04-14). "Wonking Out: International Money Madness Strikes Again" The New York Times. Archived from the original on 2023-05-10.
- ↑ 2.0 2.1 2.2 Ben Norton, Michael Hudson (2023-05-10). "NY Times is wrong on dedollarization: Economist Michael Hudson debunks Paul Krugman’s dollar defense" Geopolitical Economy Report. Archived from the original on 2023-05-10.
- ↑ Tom Mackaman (2023-06-06). "Paul Krugman’s dishonest apologetics for Ukrainian fascism" WSWS. Archived from the original on 2023-06-10.