Paul Krugman believes that money is magic and if you believe in social justice, income equality and fairies, you can click your heels together three times and you can print all the money you want. Also he’s shocked that the Greek government had no backup plan except holding its breath.
Nobel prize winning economist Paul Krugman, a vocal supporter of Athens in their long-running bailout saga, said Sunday that he “may have overestimated the competence of the Greek government.”
The Greek government overestimated the competence of Paul Krugman and his imaginary math so it all evens out.
Krugman suggested that the ruling radical Syriza party staged the showdown without having a Plan B — “at least something they could hold up, ‘this is what we will do if we can’t get any new cash.'”
“Amazingly,” Krugman said on “CNN’s Fareed Zakaria GPS,” “they thought they could simply demand better terms without having any backup plan.
“So certainly this is a shock,” Krugman realized.
PS Greeks are in shock about the lack of Plan B, too.