Gasping in Krugman’s ocean of theory

Paul Krugman’s attempts to understand the bank lending model preferred by Nomura's Richard Koo resemble those of a bird trying to comprehend how a fish can live in the ocean.

A sudden eruption, and the surprise of realising that the world he understands is not the one he actually inhabits. – Paolo Bacigalupi, The Windup Girl

This time really is different.


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