'Brexit is a mistake but it is not a catastrophe' - Nobel prize-winning economist Paul Krugman
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- Опубліковано 20 вер 2024
- Paul Krugman is a Nobel prize-winning liberal economist, author and New York Times columnist.
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Ahead of the 2020 Presidential debate, his new book 'Arguing with Zombies' tackles common misunderstandings in the world of economics.
Krugman talks to Krishnan about what are these Zombie ideas, comparing American and British politics and why Brexit isn't a catastrophe.
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"I do worry if something else happens, if there's a major shock..." : cue coronavirus.
When you cut back any programmes for Children your taking away from the countries future
I don't know, I would think if you empowered parents children would be fine. This is one of the catastrophes of left wing politics, as they tend to turn children into political whores. When you make it possible for fathers and mothers to provide for their children, they tend to do that as parents usually love their children.
@@MrSpiritchild We're talking about the very wealthiest people here, not middle class families who are dumb enough to believe the conservative party act in their interests. Sorry but the tories and republicans ONLY care about the 1%, just because you bought a new white SUV that's bigger than your neighbours doesn't mean you're in the aristocracy now. That 5% tax difference doesn't mean much to them because that remaining 50% is still in the hundreds of thousands or sometimes millions, so they're hardly 'struggling to provide for their children'. Meanwhile you advocate cutting welfare and healthcare for the very poorest, social programs, education etc so those parents genuinely are struggling to provide for their children. Homelessness has increased, food bank usage has increased, but woe is me rich people have to pay tax, oh the humanity, cry me a river, oh won't anyone think of the children?!
Allied Atheist Alliance .
@@alliedatheistalliance6776 Well said and well delivered... Mic drop comment 👏👏👏
Seems like a pretty reasonable guy to me. Even admits when he's wrong, something rare nowadays.
Spot on. Both he and the interviewer are an object lesson in civilised and intellectual debate. You may not agree with him, but the way to contribute is not the foaming-at-the-mouth rant loved by so many Brexiteers. In view of the very small part of the interview dealing with Brexit, I am surprised that any Brexiteers got out of bed for it.
@LLT Collection - only the future will tell... we shall see..
Yes it's good that he acknowledges when he got it wrong. Trouble is he tends to have to do it very often.
He’s always wrong.
Mike James That’s not true. He predicted that the housing bubble that led to the financial crash would cause a huge problem in 2005 and that the stimulus package to negate the effects wouldn’t be sufficient. Even the world’s foremost economists, pundits etc. are often wrong in their assessments on what will happen with the economy in the future because it’s enormously complex and very difficult to predict.
Great interview. This comment section is full of people who must either have no education in economics and politics or, are just trolls. Depressing either way.
Paul Krugman clearly hasn't had any education on economics either considering the fact that he's a... KEYNSIAN!
Just people with a heavy emotional attachment to being right about Brexit.
@@purple3832 He's a nobel prize winning economist, i'm not sure you've got a leg to stand on with that argument bud.
Yummy the replies being so salty 😁
@@joshuasheehy2141 Just because you won an award doesn't mean your research is correct 😂 Explain to me how economists like F. Hayek, M. Friedman and P. Krugman have all won Nobel Prizes yet all be from different economic schools of thought. Can't all be true at the same time. Maybe it's you who needs to learn about economics before going around thinking people are sheeple because they call out false prophets.
33:07 "i read Isaac Asimov and the foundation trilogy and wanted to save galactic civilizations by being a mathematic social scientist"
lol, that cracked me up really good.
I'm pretty sure that Trump never knew what Keynesian meant
Great interview. It's a must for anyone interested in understanding both progressive and conservative trends in contemporary national politics.
I wish I had the time to translate into Portuguese, especially for Brazilians with no command of English.
What an excellent interview and very thoughtful questions to the great economist!
paul krugman is a joke
MAIN STREAM MEDIA therefore Auto Swampshit.
Sadly, he's got brexit really quite wrong. He's way underestimated the effects of it.....and the real effects have still to be seen in full in the UK! Other than that, it's an interesting interview.
This aged quickly...
Yes, I always enjoy Mr. Krugman's intelligent, sensible conversations. He sees the imbalance of benefits that are favoring the rich (who still don't recognize their advantages and who want to avoid paying their dues) more than the poor. No man can occupy the office of President without realizing that he is President of ALL the people.
Dues that are arbitrarily defined by those who want to take their wealth from them, and politicians who seek election by offering up bounty legislated away from the rich.
Good interview. Krugman is always much better if you give him the time to develop his arguments.
That's true of anyone who has thought about their position. Too much gotcha questions and puddle deep interviews that demand soundbites these days.
Having said that, Krugman used the entire interview to spin yet more falsehood and customary left paranoid rambling.
@@damianbylightning6823 I believe that in this interview, Krugman's arguments are well within what is accepted by a large fraction of mainstream economists. I would not call that "left paranoid rambling".
@@ErwinKalvelagen LOL! States must have more power to stop people doing/voting for things they don't understand. Experts know better than people on the ground. The price mechanism doesn't give ordinary Joes greater access to knowledge than that of 'experts'. The tyranny of the status-quo isn't real. These are not, in my experience, the opinions of most economists - when free to express an opinion.
Paranoia comes in many forms. Krugman's paranoid ramblings are the familiar old Platonic paranoid delusions about unclean and stupid people that need to be shepherded by men of letters - who know so much about how Joe Blow should live his life. It's not normal paranoia - it's an old paranoid delusion fueled by self-love and an inability to think that the paradigm may just be wrong in at least one or two places.
The man is a ridiculous charlatan of a public intellectual. He is left Tweedle Dil to the right's David Berlinski - who is Tweedle Do!
A right pair of fuckwits!
@@damianbylightning6823 The interview was largely about economics (a subject I am familiar with, and also formally trained in). I think your rather passionate replies are about something else altogether, and I am afraid I do not completely understand how it relates to the subjects of this interview.
Actually that's the case for most persons x)
This was a very good interview.
"I seem to occupy quite a lot of bit of space in his head rent free" - Paul Krugman. Nobel Prize winning economist
As a marxist what do you think of a left keynesian economist? Is it good or bad because it stokes class warfare making it harder for you to reach your ultimate goal
@@drake1896 Thanks for your question Drake, I'm not a marxist, name is for the lels. A real marxist would probably say that Krugman is still a liberal and therefore still opposed to marxism's ultimate goal. so yeah
I'm surprised Krugman didn't give this interview via fax machine; after all he predicted the internet was going to be irrelevant. This man deserves the Tim Flannery Prize for being wrong about nearly everything.
@Deplorable D "after all he predicted the internet was going to be irrelevant." - How does that invalidate any of the points he's making here?
@@nicadi2005 Why aren't Americans who support the idea of the EU campaigning for the establishment of a Pan American political union and hand over powers to a distant Parliament held in Quito?
@@deplorabled1695 it's like you want to talk about anything except the actual content of the video.
The US already is a group of states under a common banner. Each state surrendered some autonomy to be part of a stronger whole.
Sound familiar?
@@drummingtildeath Do you know anything about the United Kingdom? Stop treating me like a fool. The EU is nothing like the USA and you know it. For starters you can actually directly vote for your own government in the USA and UK. Can you please describe for me the mechanisms by which EU policy is conceived and enacted? I will give you a clue, it is very undemocratic.
Germany is a Federal Republic, similar in some ways to the USA, yet their national government is subservient to the EU. Go ahead and start campaigning for your multi-national globalist dream, me I still believe in the nation state.
@@deplorabled1695 well I've lived in the UK for nearly 38 years, so yes I know a thing or two about it.
You can and do elect the EU. The MEPs are elected. The council is elected. The commission is nominated by the council and approved by the parliament, whi are elected.
To answer your question, the council decide on what they want to achieve. The commission then propose laws they think will have the effect the council wants. The parliament then votes to implement those laws.
Germany's government is not subservient to the EU. They are part of the EU. They choose to follow rules, they are not forced to. This is demonstrated by the fact that we just decided to leave the EU and can stop following the rules. The problem is that it seems those rules had some benefit to us.
Prof. Krugman is a rock.. His intellectual level knows no boundaries...
I've enjoyed this interview, but unfortunately, he's way underestimated the downside of brexit. Listening to this some 2 years down the line, he sounds quite casual and lazy in his brexit analysis.
The interviewer is the guy who was asking the offensive to iron man
Brexit is about sovereignty... The fact is that the UK has always been a sovereign nation, even in the EU. Don't believe me? Watch this fact based video: ua-cam.com/video/cotxhOkux18/v-deo.html
Source: TLDR(made in the UK)
What Krishnan and his media buddies still don’t get is that Brexit was not just about money.
What an interesting interview!
The fact of the matter is that Brexit needs to be reversed and all the steps & documentation signed off in order to leave the EU and the Single market need to be revisited and turned around.
It would mean that the UK and Britain would a) have to admit that it was wrong, and a mistake to ever go down the Brexit Avenue in the first place - which it ultimately and undoubtedly was.
But is this British government or any other prepared to admit the truth?
I don't really think so.
Are we past the point of no return? No, not really - if everyone could see what a stupid, calamitous error of judgement it really was but there's too much pride at stake that makes it very unlikely that the situation can be rescued.
Amazing that even after half a decade you are still refusing to acknowledge remain LOST the referendum.
I really enjoyed listening to this conversation, so much so that I kept thinking of people to share it with, while I was listening. Even shared it on Twitter with Bernie, as I think Paul has a lot of sage advice that he ought to consider, going forward.
Paul Krugman was one of the major propagators of the Bernie Bros narrative. He went out of his way, even contradicting himself just to try to inflict as much damage as he could on Bernie Sanders, even using nonsensical arguments in 2016. It was very disappointing and cost the New York Times a lot of subscriptions. It seems that was official NYT policy, however since pretty much every reporter at the NYT was on that train wreck.
doubling the deficit from 600 billion to over 1 trillion/year is great. What could ever possibly go wrong with that...
@Dr Wolfgang Chausser Well, I think it will be way more than 10%. 23 trillion isn't that small of an amount. 70k/US citizen.
@Dr Wolfgang Chausser And then you have the intra governmental debt, most of it taken from Social security that will be needed to be repaid when all the baby bomers will retire.
The biggest issue with leftist economic programs is they tend to merely throw money at the issues instead of actually addressing them. The problem with this is that instead of stimulating the economy, what is really happening is the creation of bubbles, which as everyone with a brain knows, when you blow bubbles, they eventually burst leading to repeated recessions. Rinse and repeat again and again. So what republicans are faced with when they take office is they need to deflate the bubbles in order to create actual economic growth, instead of just the illusion of it. So everyone should ask themselves a question, what would you rather have? A slow growing economy that is actually growing, or the image of a growing economy that repeatedly bursts and leaves people sinking deeper and deeper into economic despair?
He doesn't want to fight for single payer. Abolishing private insurance is not a step too far. No wonder he got a noble prize he won't upset the apple cart! Private insurance is the problem in the US.
"tax cuts for companies and the rich do ;little to stimulate growth" ohhhh if only truss and kwarteng saw those before!! but then they wouldnt bother have listened to a nobel prize winner either. neither will sunak.
He is right about the collapse of democracy in hungary. I know it means nothing to most viewers but as a hungarian I can tell you Trump/BJ’s moves are pretty much the same direction. I’ve seen it at home so you guys should be more careful of authocrats. They CAN take your freedoms if you let em
CIA is backing it
Wonderful interview - more of these, please!
'Brexit is a mistake but it is not a catastrophe' - there's more to the argument for Brexit than pure economics.
李思远 Islam and immigration?
The illusion of British exceptionalism?
Olaf Sikorski
That’s an American term.
@@fainitesbarley2245 Yup, but the more you listen to Tory rhetoric the more you understand that Brits are very much convinced of their own exceptionalism.
Olaf Sikorski
Firstly, not all British people are Tory politicians - oddly enough.
Secondly - that’s how politicians everywhere talk to their populations.
One thing is sure, Paul Krugman would never win the Nobel Prize for his "casual" analysis of Brexit.
Good he is ready to admit his own mistakes, most Brexiters don’t.
swave158 Brexit is a catastrophe not a mistake. That was my point, I guess it’s yours too.
Krugman has predicted 25 of the last 5 recessions.
LOL
you should look as to how many he has forecasted and there is a lot ,if i was a betting man he would be a long shoot and side note when you predict close to a end of a race it's easier , lol,, but your money
@@darrenedwards5925 mate, yes, your first comment was enough to get the point. now you've just killed the joke by over elaborating. Don't try standup!
@@b00i00d lol ,, i'm not the little sad does that for me ,, chers
Which would be no worse a record than the vast majority of economists, the few who predicted recessions that didn't materialize and the large number who missed the signs of all of them.
Channel 4 should spend more money and get BIGGER mikes
An excellent presentation and a great thought provoking interview. Thanks. Paul Krugman remains an highly influential economist. I only wish more people will listen to him and do something towards betterment of our society and the present political system.
Bigger budgets deficits driving boost? no my friend, tax cuts for the rich driving up speculation is, and as usual, we will pay the price down the line.
By "tax cuts for the rich" do you mean "allowing people to keep more of their own money"?
@@pneron2032 No, I mean free money for the rich to go to the casino (aka stock market) and speculate.
@@veryconfused5087 It is not money going *from the state to the rich* it is allowing "the rich" to keep more of their *own money* - that is what a tax cut is. What they spend it on is their own business. Just like what you spend your money on is *your* business.
@@pneron2032 You can look at it from various angles, yours is the common man angle.. Allow me to show you how a businessman thinks.
Those taxes that go otherwise would have gone to the state was not your money in the first place but part of the country's next budget. That money that goes to roads, bridges, schools, prisons, etc... now you keep (hence the free money) and perhaps you can go to short some stock with a ratio of 6:1 and make a ton of money while the poor think they are getting more cash in their hands.
To put it bluntly, what we are witnessing is the US hooked on heroin (Courtesy of Drumpf) and the withdrawal is coming sooner or later. Mark my words.
@@veryconfused5087 I am not sure what your point is. Can you give me a ten word summary?
It's always alarms me that 'socialism' is almost a swear word in the USA! And it's becoming increasingly the case in the UK. I find that quite sad. At this time in history with so many people in the UK on their knees and struggling, socialism is surely the only way to ease this major problem.
'If it ain't broke why fix it?' Not true people in America know how awful it is to deal with insurance companies, very expensive and still end up paying bills when they leave hospital. A lot of them go bankrupt as a result. A lot of people die because they can't afford the health care even with insurance.
Thank you, Nostradamus! (Yes, I am being sarcastic)
So much political debate is reductive. It's refreshing to hear someone who has a stated political position and a shaded view of the subjects he's discussing.
I see what Krugman sees. I mean, Trump got into office demonising others. Even if people wanted stronger immigration policies, common decency should have alerted them that he was being racist. His language was inexcusable and yet people cheered it. Says a lot. I want for the average American what Krugman wants. Also, Krugman's concerns are mine. I feel on the edge of losing hope for America. (What's up with this interviewer stating that Trump has stayed within the rules? Weird.)
I don't usually like this guy books, very school books, but let point out that Not being a catastrophe will really be the Brexit problem, for generations will become a dilemma: revert it or not
Interesting interview. I wonder how many of the negative commenters have actually read any of Paul Krugman's books - not too many would be my guess.
He is hardly giving them a convincing advertisement.
I am on the left and have read scientific articles by him. Quite disappointed that he's making factual errors about Trump's claims (he DID campaign on tax cuts), and then saying that all of his support can be explained by people who voice "socially unacceptable" views (because ~40% of society doesn't count obviously). Seriously, he does sound boring.
Then he goes on about how democracy is eroding in Poland. Seems like he just doesn't like democracy when it doesn't go his way, because as a guy who boasts about facts, he's making many factual errors. Just the fact that he sees Polish media as muzzled really shows his knowledge of "facts".
@@Haganenno121 Take a closer look at what is happening in Hungary, and then in Poland, and I think you will see the trend he is talking about.
@@Haganenno121 PiS, no it's nothing to do with alcohol it's Prawo i Sprawiedliwość (Law and Justice Party) which is a national-conservative, Christian democratic political party. With 198 (of 460) seats in the Polish Sejm and 48 in the Senate, PiS is currently the largest political party in the Polish parliament. So aren't the Poles voting the right way for him? Just as the British didn't vote the right way for the EU & Globalists. People don't fight for economic reasons, they fight for Freedom & Independence, which is priceless as can be witnessed by the many military cemeteries across Europe. Would either of them consider Indian independence a mistake after over a million were killed in religious conflict after leaving their Empire?
How many of them are even able to read?
Not a catastrophic!? Guess you not a fisherman or in the banking industry.
Whether it is a “mistake” depends on one’s objectives.
He's an economist. He was clearly referring to it in economic terms.
@@johnedwards1968 Of which, he has no proof. Look into his background. He doesn't have a good track record.
@Mick Williams proved wrong how exactly? Sir, do you possess future sight, could i have the lottery numbers please.
@@lt2064 Yes and the remoaners also predicted that we would be in reccesion immediately upon voting to leave the EU. Basically, the loudest remoaners think they're the smartest, but in reality are infinitely thicker than the Brexiteers they're constantly abusing.
@@wangdangdoodie "Look into his background. He doesn't have a good track record."
On what, economics? Yeah of course, what would he know? He only has a Nobel in this. 🙄
Freedom is not a mistake. From Brazil
Who are you implying isn't free?
Ignorance is tho..
Great interview. Mr. Krugman is really intelligent. Congratulations Krishnan for being such a skillful interviewer.
I've just heard (and enjoyed) this interview in full, some 2 years down the line. Unfortunately, he's way undercooked the downside effects of brexit in the UK. But hey, nobody's perfect!
Very good interview!
Brilliant analysis by a brilliant guy!
I would say that there isn't a racial bias in America anymore. A Hispanic or Aftrican American growing up in the middle or upper class has the same opportunities as a white in that class. A lower class white person faces the same challenges as a Hispanic or African American. The issue is socioeconomic, not racial. Married African American households make nearly identical income as white married households. The income of married Hispanic households has been rising and will soon be on par. A college educated African American has nearly identical income as a white. Besides, if you talk to anyone who isn't a Baby Boomer, you'd be hard pressed to find any real racism.
@chris younts I'm not saying it's perfect. It never will be. But incomes among the middle class and married couples are nearly identical. The only real economic divergence is when you look at the lower income brackets and single households. A college educated professional will get paid the same no matter the race. The issue is getting people to be a college educated professional.
Johnson is being bribed to deliver Brexit. He has already received millions into his secret bank account. He will get the final instalment when he has sold all down the river.
If he is so enamoured with the EU why does he not relocate to Brussels.
I didn't note that much about the EU during the interview. Perhaps you were watching a different clip.
2 years down the line...and this guy's comments about brexit feel way way off the mark. He's way underestimated the downsides. And the UK hasn't felt the half of it yet. A disappointing lack of insight. Ho hum.
he is NOT a Nobel Prize winning economist , can you please correct the title of this video.
Your name is "God is in the Details" and you cannot find a reference to the fact that Paul Krugman won the Nobel Prize in economics in 2008 for his work on New Trade Theory?
Care to explain yourself? Or is God missing from the details after all?
@@owenbscott ah yes another atheist bro takes the bait. In typical imbecilic fashion not even bothering to check my claim. The ''Nobel Prize'' in Economics does not exist therefore it is not possible to win. The prize Krugman won is the ''Nobel Memorial Prize in Economics'' that was created by Swedish Central Banksters. It was used to prop up right wing economics as espoused by Milton Friedman, with 4 previous Nobels protesting the the choice due to Friedmans association with Pinochet.
Swedish human rights lawyer Peter Nobel, a great-grandson of Ludvig Nobel, criticized the awarding institution of misusing his family's name, and states that no member of the Nobel family has ever had the intention of establishing a prize in economics. Hayek distanced himself from it once he found out it wasn't a real Nobel. I could continue but I've better things to do.
Let me know if I've missed any details...
Brexit is not a mistake.
K.S. Wait till you see the US trade deal.
It will be absolutely brutal.
Robert Lighthizer, Steven Mnuchin, and Mike Pompeo have instructions to rape and pillage the UK just as they have done with "allies" Japan, South Korea, Mexico and Canada.
They all have battle hardened negotiators with decades of experience. The UK does not.
Lighthizer promised Trump he will extract an extra $500million from the NHS without selling it a single extra pill.
When trump clobbers the UK with the first section 232, the UK will realize it is screwed.
After NAFTA, Mecican agriculture was bankrupt within 3 years.
It will happen much faster in the UK.
Remember Trumps most basic mantra. "America First".
And when Nissan closes the gates in Sunderland you will know it is game over.
Reprleating it over n over to urself won't make it good
@@lenrman969 No, that won't happen . Even if it does it will be better than the EU alternative.
Droptuned 83 it will. And it isn’t. But it’s too late to change anyway.
The mistake was made by Ted Heath.
"He stays within the rules!" this line aged well by the reporter (and rightly pushed back by Paul). Then Krugman's prescient statement at 29.07-ish where he says that is something big were to happen (like a pandemic...spoiler alert) things would get screwed for the US (and the UK) if they were run by idiots. So yeah, there ya go. Add on a war in Ukraine and bob's your uncle, people be screwed.
3rd factor on health care in the US is that the US won the war both in having played a part, and emerging without a devastated landscape, at the peak of industrial production. That did not lead to a sense that if they were going to have to the good life, it would only be provided through government handouts. They felt wealthy and secure. They even had the bomb. Conversely government imposed rationing persisted in the UK for ten years after VE day.
By the time that superiority wore off, the entrenched interests he mentioned were well in place.
The major factor is people don’t want to wait in line for health care. If I work harder, have better idea, build a successful business, why shouldn’t I have better health care and more accessible healthcare? Universal healthcare is bullshit.
I basically agree with you. But it’s also important to remember we already have universal health care in Medicare - for our seniors over the age of 65.
Excellent interview, always good to see Krugman. Would love to see him on BBCQT as a panel member sometime to talk some sense there.
I'd love to see Krugman shown up for what he is- A champagne socialist without any concern for anything other than his putrid self aggrandising line in watery Marxism. And do you really watch BBC? That speaks volumes.
Bit of a mistake to say socialism is "state ownership of the means of production" - it's actually collective ownership, the state need not be specified. There are many models outside the state, including co-ops. Marx specificically predicted the "withering away of the state" - which can only be interpreted as libertarian socialsim, or anarachism in the proper sense ("the highest form of order")
@@chichim2020 Is expressing a personal opinion forbidden?
You can say that about a lot of people but what comes from your mouth is not about the people it's about you and all your mistakes that you have made upon the world misconduct judgment of destruction you have turned your back on the people who trusted you your behavior and how you push someone to make in them something they're not it's not about them it's about you telling others who you are everything that comes from your mouth is about you it's not about the civil Rights of human beings it's about the world of greed and what you get from it leaving others behind this person is not going to lie for you or anyone else you can lie to yourself and you can lie to others but your judgment will always be your own everything that comes from your mouth is not about others it's about you telling others who you are and it's a true Factor they can dig more deeply to find out about your background and expose you anyone can do it you need to either fix your mistakes or quit violating the rights of others he's never violated you nor do they think about their self greedy people do this when they want to do misconduct obstruction of justice violating the rights of everyone else trying to destroy the reputation but this judgment call is your mistake nobody else's do not face reality are you for real are you just making everybody a pawn no one has violated you or anyone else you can only violate yourself by your own actions and your own judgments what comes from your mouth is not about others it's about you
This guys seems very real
When was the last time Paul Krugman was correct in his predictions? Hmmm.
Krugman is very accurate with his observations. The regrettable political circumstances wherein the electorate in the U.S. has been blinded by Red nonsense is not an indicator that Krugman is inaccurate. As for 'trickle down,' it's very very obvious that it doesn't work, yet today's GOP is so mired in Kool Aid that they've convinced themselves that it does work simply by repeating their mantra of 'less taxes.' The U.S. was at its height, in vibrancy and health and power, when the tax percentages were as high as 90% for deep pockets. Since Reagan and the launch of 'trickle down,' it's been downhill ever since. The U.S. has been living beyond its means, and falling behind the rest of the world in terms of, for example, national infrastructure and health care, for many decades. Now for the leadership in D.C. to suddenly be concerned about China's economic successes and for them to start crying "Unfair, unfair," is laughable.
@@gfsrow Forget about observations. I said ‘predictions’. The guy deserves his Nobel Prize in Economics _exactly_ as much as Henry Kissinger deserves his Nobel Peace Prize.
@@whiskeytangofoxtrot2568 this
George Schieck what’s the point of working if you’re going to get taxed 90% of your income?
RNY
That there would not be hyperinflation from QE, nor a run on Bonds when governments who issue in their own currency ran fiscal deficits. Relating to the 2008 crisis. He said it in the face of all the Gold Bugs & crazed people screaming that it would cause hyperinflation. They were wrong. Krugman was right.
Great interview. He couldn't conceal his distate for Trump haha.
channel 4 lets hope your days are numbered
A brilliant exposition of what seems like reasonable and widely proven common sense to me. A Keynes for the modern age, while madness reigns out there.
Thanks paul I wrote an ebook inspired by your thinking
Krugman is wrong again about racism in America, Obama won 2 terms and that settled it. A racist America would not have let that happen. 2 terms, favored for 8 years
You have to take the "160 million insured" trope with a grain of salt. Many of those insured are only insured up to the point where they need medical care. And much of the value of being insured is in not having to pay the enormous fees cited in hospital charge books which are just a major gouge and a sop to the insurance industry.
Far too complicit with interviewee.
It’s only with today’s desire for conflict and tribalism that interviewers are seen as not to have done a good job if they don’t “push back” on every point made by an interviewee. It’s how you end up with major broadcaster espousing points that would have been considered undesirable in the past
Bahaha. Just like he said gains from Obamacare. All it did was dump more money into a corrupt healthcare system, skyrocket rates, and bind people to their employment for their healthcare. What wonderful strides.
print money and fix everything
Good luck on brexit, I want to se what happens. If it doesn't work out well, will you blame the EU? Or your own leaders? Obviously you won't blame the people for being misinformed.
The UK is currently the 5th largest economy in the world - i am sure that they will be just fine. However do those other English speaking, westernised countries in the world like Australia and New Zealand, etc, manage to cope by not being politically tied to it!?
@@anderslee99www.investopedia.com/insights/worlds-top-economies/
6th largest now and France is very close to pass - will the next year when the UK leaves as Boris is threatening what will happen to the economy you think, will it soar or decline? And if so, why?
I too agree with d s that there is a lot of misinformation feed the public. As people like to go with the flow that 'says' it will lead to ideas that appeal to them, but there will seldom be proper self education; I myself am aware of my biased opinions therefore the questions above.
Although I am completely opposed to Krugman’s political ideology, I was nonetheless favorably impressed by this interview. For starters, he looked as if he had taken his meds that morning. Then he was absolutely forthright about why he had screwed up his economic prediction the morning of Trump’s election. And he pretty much eschewed extremist rhetoric, admitting that the short-term damage, in his view, of Trump and Brexit are not catastrophic. The worst view he expressed, IMHO, was to attribute virtually all conservative political positions to racism, but he’s hardly alone in that. It is a convenient excuse.
Totally agree with his magic wand reply.
Amazing interview ❤
Krugman is spot on. It's not pc to say such things today but the long and the short of it is that in both Britain and America, many many many voters are dumb as a rock and they can be easily led by the nose to vote against their own interests by unscrupulous individuals and political parties that know which buttons to press.
Brexit is a grand conjob perpetrated by the upper echelons of British society on the ordinary, monarchy loving, anthem singing Brit. Once out of the EU, British elites can begin the same bonfire of rights, protections and regulations that we see Trump so eagerly racing to do in the US. Trumpism itself is also an enormous con on ordinary Americans whereby, similarly to Brexit, nationalistic patriotism is stoked in order to get poor people to support losing thing like healthcare in order to give more money to plutocrats.
The bovine masses will never accept they've been screwed of course, they'll keep shouting "Make America great" or "Sovereignty" until the day when it will all inevitably blow up in all our faces in the form of economic catastrophe..............
AGAIN!
You throw out anthem-singing as a slur. OK so they don't use Schiller's words but have you seen the EU fanatics when An die Freude is played?
Bovine.. You word use good. Moo.. P.S make america greater 🇺🇸👌
Where's the missing bit of the video that was edited out around 19:43
@Dr Wolfgang Chausser the bit where he dropped his guts?
*Maybe Rusha has it.*
Great interview
this is a guy almost always wrong in his predictions, now he's saying BREXIT IS A MISTAKE. what else is new?
Yes, he won a Nobel Prize for being 'almost always wrong in his predictions'.
He is a brilliant economist . While healthcare is vital and should be a priority for any government, I disagree with Krugman on trivialising the damage Trump has inflicted on the international trading system by comparison. Trump has been bent on destroying the WTO, the legal framework for multilateral trade, from the get go, the damaging consequences of which are yet to play out 'biggly.' Bilateralism is the tool of powerful countries to subjugate the weak and introduces a lot of inefficiency into trading. And, it is well known that Trump likes to eschew the rule of law
How can Brexit be a mistake when European Union membership is the biggest mistake a country can make? Brexit is a very healthy decision, all informed Europeans want their countries to exit the union and do congratulate the Brits and wish them the best.
Read that in the Sun did you?
great interview!
Brexit could be a mistake...or not. Early days. I suppose it could take some imagination and an active citizenship to make the best outcome for the country. Not easy, no matter where you live.
At least not to have too many immigrants
Ok Nobel
Prize why they don’t let this guy fix the world system and bring back our dreams jobs and respect came on give him a try they all
Like talking we need factssssss capisciiii
Can’t believe anyone takes Krugman seriously in this day & age. I don’t mean it derisively; he is just perenially wrong on just about any topic upon which is asked to opine. I guess he ia consistent at least!
Oh dear, that's not right. Socialism is worker ownership/control of the means of production. State ownership of the means of production is called Communism.
That's incorrect. Both are public ownership means of production managed by the state.
@@indu6089 Public ownership covers both concepts, the difference as far as I'm concerned is who owns the means of production, the state or the workers, who runs the factory. Communism sees control as central not distributed.
I thought the biggest problem with communism, in the eyes of capitalism supporters, is the lack of private property, not so much the ownership of production. And what does a mix mean? Half communism?
What are the "means of production" today?
Come on channel 4, there isn't a Nobel prize in Economics it's a price in Nobel's memory given by Sweden's national bank.
Great economist as a PhD student second year's opinion for what it's worth !!! It seems people in the comment section are personally hurt because of his political views 🤔🤔
ALWAYS INCENTIVES TRUMP ETHICS all of sudden they know more about economy than a Nobel prize winner
Try Milton Friedman.
Try Ludwig von Mises.
It's too early to tell.
How many countries do you have that would have a president or prime minister who is a from a minority? I can think of Benjamin Disraeli and Barack Obama, nonetheless people still think claim that americans are more racists because they are the only ones who allow racists the right to express their opinions.
This guy is great at destroying right wing arguments...shame most right wingers are too thick to understand him.
They downplay Britain leaving. The UK is like 15 of the smaller EU member countries leaving of the 27 members.
Many countries doing well without getting orders from Brussels
Switzerland ,Norway ,Canada.US ,Australia, South Korea, Japan and China to name a few.
Interesting statement. Switzerland and Norway are both getting “orders from Brussels”, to use your phrase. Switzerland has 100s of bilateral ties with the EU. Norway is in the EEA so pays into the EU budget and accepts plenty of EU rules (and benefits) as a result.
The US and China are the world’s two largest economies. It’s unsurprising they do well. The rest have no land border with the EU and are 1000s of miles from the EU so don’t pose the same kind of concerns that come with proximity.
It’s not trivial for the EU that the UK is leaving. It’s also not trivial to the UK to leave in as orderly a fashion as possible. If N Ireland weren’t part of the UK, the separation would be much simpler to enact. N Ireland really is the most difficult problem.
Krugman is the man who created so much wealth in this world, but also the man who will have caused the next great depression and suicides by the thousands
I love the intro...
This guy is nobel prize winning economist he lost all credibility when he said "Socialism means state ownership of the means of production" @12:45 - No it does not it means social ownership - en.wikipedia.org/wiki/Social_ownership -
Wikipedia article vs Someone who lives and breathes economics... Ok
@@jeffreyd700 A. Wikipedia is most accurate and reliable encyclopedia their is its English version only has .5% error rate. B. I have spent 10 or so years now studying political theory and history. C. He is biased because all economists are they have to pick a side left or right, left gets laughed at and right is status quo this guy is just smart capitalist. - He is wrong about this which to be honest puts everything he says at risk and tbf I agree with him on a lot of stuff. Oh and btw I am Libertarian - Socialist.
This guy's left handed, but he speaks with his right.
I love ya Paul, but smile just a bit! The host’s opening lil statement was a joke icebreaker...😎
Our family are Americans with private health linsurance. We hate it! Everyone hates it!
No American has an Iran flag as profile picture!
“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’ - which states that the number of potential connections in a network is proportional to the square of the number of participants - becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” paul krugman
ahh the interviewer that made Robert Downy Jr walks out during his interview.
RDJ is a bigger narcissist than Trump. Not surprising he wouldn’t like being challenged in an interview.
@@oddjob4877 well,since one is one of the most famous actor in the world and another is the most powerful man in the world, I think they earned that right
@@zheyuezhao456 Don't we all have that right? If not, where can we apply for that right? Seems pretty useful to me, the right to remain silent, if I can call it that.
@@bosoerjadi2838 The right to walk out in the middle of an interview? Well, to get that right you first need to be worthy of an interview
@@oddjob4877 He was asked about his private life, whilst the interview was told to have been about the movie.
So he had all right to go out. The interviewee had made over 6 crucial mistakes you aren't allowed to do in an interview.
Great
So in conclusion JC was right and we blew.
americans really don't understand socialism the same way europeans do. They literally mean different things on the two continents, well, unless you count Bernie Sanders.