So yesterday, Paul Krugman told us his worst case scenario for the world economy is that the USA ‘could turn Irish’. That is the USA could find itself in a position where it was unable to administer a neo-Keynesian counter-fiscal stimulus . Unsurprisingly as Paul Krugman is probably neo-Keynesianisms’ leading light. For the record, what he did not say was that Ireland had the world’s worst outlook.
He has been busy on the topic of Ireland on his blog
Irish cronies – An interesting rhetorical comparison of the crony capitalism that afflicts both Ireland and the USA.
There’s a pretty poor ‘rebuttal’ of Krugman’s article Erin go Broke over on Irish Central. The sense of perspective that seems to have been missing on this side of the Atlantic is that Krugman is critiquing not Ireland, but the USA viewed through an Irish prism.
and anyway Ireland basically is just like us, only more so
And having detailed Ireland’s woes, in language that so obviously strikes parallels with the American experience
So, do we have anything like that here? What do you think?