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Krugman in a recent NYT Op-Ed said right wing and mainstream media narratives of Euro debt crises of Greece, Italy etc as a product of the "welfare state" and excessive public debt are wrong, pointing to Canada and Sweden as countries with better social programs and higher debt that are not in an economic crisis. He points to the fact that countries like Greece and Italy adopted the Euro currency as the proximate cause of their troubles, that on that basis interest rates on their debt were artificially inflated. Any of our theoretical minds here care to deconstruct that further? http://www.nytimes.com/2011/11/11/opinion/legends-of-the-fail.html?_r=1 ________________________________________________ Send list submissions to: Marxism@greenhouse.economics.utah.edu Set your options at: http://greenhouse.economics.utah.edu/mailman/options/marxism/archive%40mail-archive.com
