"This Time Is Different": Not a Living Document - The American Spectator | USA News and Politics
“This Time Is Different”: Not a Living Document

Last week I suggested that the kinds of things Paul Krugman has been writing about the debt could not have been the work of someone who has read Carmen Reinhart and Kenneth Rogoff’s new book, This Time Is Different: Eight Centuries of Financial Folly.

And yet on his blog today, Krugman writes:

Just the usual disaster

Ken Rogoff, just now in a meeting: “The United States is going through a garden-variety severe financial crisis.” Actually, that’s what I’ve been saying too — Ken’s terrific work with Carmen Reinhart (who says the same thing) has been my bible through this crisis, and has served me well. But shouldn’t we be doing better? [emphasis added]

What? Did we read the same book? I wish I knew exactly what Rogoff was saying in that meeting, because in the context of his book that sentence would mean that the US is now as susceptible to a debt crisis as any of the other debt-laden countries that have suffered such crises in the past were just before their demise. I wonder if Krugman is interpreting Rogoff’s words as Rogoff intends them, or whether he has a more liberal interpretation.

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