krugman twitter
Estonian President revisits Krugman tweetsknow as you know and again most of you,know what this mean
Updated on Jan 16,2023
Estonian President revisits Krugman tweets
know as you know and again most of you,know what this means president Dilma's,was born in Stockholm because his,parents have fled communism in the,second world war for Estonia and then,they moved to New Jersey he grew up in,New Jersey he was elected to the,European Parliament with the largest,number of votes that any Estonian,politician has ever received to any in,any election and then in 2006 he was,elected president which has been since,then and he is of course the tireless,promoter of Estonia and it is a great,pleasure for all of us I'm sure that,president Dilma's will now speak to us,today,there's been this ongoing political,battle in the United States between the,issue of austerity and quantitative,easing and in order to make a case for,one side there's a New York Times,columnist named Paul Cartman who insists,on bashing whoever he can find too vast,to prove his case for the domestic,politics for the United States and so as,it happened last year he decided to,cherry six some data which I understand,his problem place they selectively,presenting these data just say about a,lot of nasty things about my country and,because I don't really big axe to grind,on most area policy I just don't like my,country being insulted I did tweet so I,did all I did was write six hundred and,forty characters but the result 840,sorry six tweets 140 characters and the,net result was that I beat people wanted,to argue with me constantly on austerity,versus growth where we have agreed upon,certain rules and I get to those if you,follow the rules they're not actually,that dumb these rules I mean basically,you shouldn't have a deficit more than,three percent you shouldn't borrow more,than sixty percent of your GDP and if,you don't do that you gen and won't get,into trouble and all the countries that,have that are currently and that you see,in in Europe in trouble they violated,one or the other of those rules or they,have closed the rise and to what their,banks are doing and then don't follow,back Engels and we didn't do that we,just call the rules you know because,small guys like us you survive,if you follow the rules mate but one,thing's for sure is that if you're small,and you don't follow the rules you're,gonna get in trouble,and so we being sort of conservative,northern peasant people decided that,it's the rule of law that is that is,that what we believe in having having,been so successful in coming out of the,Soviet Union we then we became so,successful that we had an overheated,economy and it was bound to collapse,sometime or another and so we had this,massive economic downturn at which point,the government decided that it would,bite the bullet this is where the whole,austerity and the growth debate comes in,because Estonia was outside of the,eurozone we did not have we did not have,anyplace to borrow from at any kind of,normal race I mean we could afford at,11% interest or something but that's,what it self defeating so there we were,there was nothing no one is coming to,help us we're outside of eurozone and so,what is the option well if you're a,farmer peasant type you just cut your,expenses and that's what our farmer,peasant government did with cut expenses,which of course leads to unemployment,and did you have to hire people and,there we were with a 80% decline in the,economy and nowhere to really borrow,money from and with the IMF safety value,evaluatee value which was also advice to,Paul Krugman kept that's where usually,we came,sort of came into his radar screen his,kept saying where did devalue we,couldn't do that even because all of our,people had borrowed it borrowed well the,people that bought their house have,borrowed much of the money for their,houses program in Euros and we are not,we didn't have the diamond at the value,we basically would have we would have,wiped out the middle class we will wipe,that all those people who cracked up the,risk to buy their own home and so we,could not face that we could not do that,to the most didn't like the risk taking,part of society and so we simply bit the,bulletin decreased expenses and so,that's that's how we came out of it by,austerity I mean it worked we did also,do some key key reforms in the labor,market which would we liberalize labor,market actually analogous to the hearts,reform so here my shredder so we came,out of it and we ended up well what's,after this trough we then had eight,point six percent growth than they did,for that would point six percent and,we're coming out of it and we're over,where we're past where we were in 2007,and where we were in 2007 wasn't real,anyway because sustainable so today in,Europe we have probably the soundest,soundest economies the best fundamentals,with with a zero point minus 0.5 desk,deficit so we're in the red at 0.5,percent,have a percentage where because we're,supposed to be on the street there only,a few governments that are under three,these days then and when it comes to,indebted the public debts the goal is,you have to be
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