Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
If I may--
I do not see your remarks in that light, nor do I think others do. Please don't be offended- this is a worthwhile discussion.
I think that while it is possible to admire his work deeply, there is a fully justified disappointment in Krugman's Amerocentric point of view. It blinds him to important aspects of the problem. But I see his point of view as more of an "econometric" point of view. Economics as a discipline has a component that is forever trying to catch up to, and effectively describe, within a measurement regime, things deeper. Like a man's willingness to defend passionately a world in which the need for bread with a proper crunch to the crust is properly valued--and a million other things that matter in ways that the economic perspective can not comprehend.
After all-- they eat "Wonder Bread".

 Have you ever seen a loaf of "Wonder Bread"?
It's incredible. Foam pillow guts.  

Capitalism searches out the darkest corners of human potential, and mainlines them.

by geezer in Paris (risico at wanadoo(flypoop)fr) on Thu Feb 18th, 2010 at 12:08:07 AM EST
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LOL, in Britain it's called "Wonder Loaf" and is precisely presliced foam pillow with special added Stick.To.Your.Teeth™.

Thanks for your words, geez. I'm truly not offended, just don't see what I can add now that isn't going to be misunderstood.

Yes, I do find Krugman Amerocentric - more so than Stiglitz, for example. And he's certainly looking at this through his econometric glasses. Speculative attacks may seize on some measurable imbalance, but they come armed with battalions of "information" and "commentary" aimed at pumping the perception of the imbalance up to crisis level. Media pronouncements make the market. Krugman's a major media pronouncer. It's a pity he's not taking that into account and broadening the perspective of his remarks. There, that's polite.

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Feb 18th, 2010 at 03:02:08 AM EST
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I'm an American who bakes his own. :)
by Richard Lyon (rllyon@gmail.com) on Thu Feb 18th, 2010 at 10:17:00 AM EST
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