{"id":187500,"date":"2011-06-09T20:08:00","date_gmt":"2011-06-10T01:08:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/06\/09\/what-the-shrill-one-said-2\/"},"modified":"2011-06-09T20:08:00","modified_gmt":"2011-06-10T01:08:00","slug":"what-the-shrill-one-said-2","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/06\/09\/what-the-shrill-one-said-2\/","title":{"rendered":"What the Shrill One Said"},"content":{"rendered":"<p>Paul Krugman offers a data point that shows that <a href=\"http:\/\/krugman.blogs.nytimes.com\/2011\/06\/09\/the-penalty-for-default-the-payoff-to-austerity\/\">default and devaluation works better than austerity and debt peonage<\/a>.<\/p>\n<p>The spread on an Icelandic CDS is now about a third that of the Irish CDS, which means that their borrowing costs are lower, as is the confidence of the market in their credit.<\/p>\n<p>Rolling the Nobel Laureate:<\/p>\n<blockquote style=\"color: blue;\"><p>Why, it\u2019s almost as if defaulting on debts run up by runaway bankers and letting your currency depreciate works better \u2014 even from the point of view of investors \u2014 than socializing private-sector losses and grimly sticking with a fixed exchange rate.<\/p><\/blockquote>\n<p>Or to put this in earthier terms, if you want to survive this sort of financial meltdown, f%$# the banks, not the average citizen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman offers a data point that shows that default and devaluation works better than austerity and debt peonage. The spread on an Icelandic CDS is now about a third that of the Irish CDS, which means that their borrowing costs are lower, as is the confidence of the market in their credit. Rolling the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,1002,1017,1003],"tags":[],"class_list":["post-187500","post","type-post","status-publish","format-standard","hentry","category-currency","category-good-writing","category-international-finance","category-philosophy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187500"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=187500"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187500\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=187500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=187500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=187500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}