Coronavirus & Zombie Ideas: How Policymakers Respond to Crisis

Published on
March 20th, 2020
44 minutes

Coronavirus & Zombie Ideas: How Policymakers Respond to Crisis

The Interview ·
Featuring Paul Krugman and Vincent Catalano

Published on: March 20th, 2020 • Duration: 44 minutes

Paul Krugman, Nobel laureate, PhD economist, and political commenter, joins Vincent Catalano of Stuyvesant Capital Management to discuss how coronavirus mayhem has plunged financial markets, global economies, and geopolitics into chaos. Through the lens of his new book, "Arguing with Zombies: Economics, Politics, and the Fight for a Better Future," Krugman argues that in response to coronavirus' economic impact, the Federal government should give financial aid to state governments, local governments, and even citizens directly. Krugman and Catalano examine the role that fiscal and monetary policy play together, the importance of leadership in crises, and the potential for the enaction of seemingly extreme policy responses to the COVID-19 outbreak. Filmed on March 17, 2020 in New York.



  • BC
    Bob C.
    6 May 2020 @ 23:53
    I watched this because I don't want to only watch people I think I will agree with. I think we often learn more from those we disagree with. The interview confirmed my opinion that Krugman is the least intelligent Noble price winner ever.
  • JD
    James D.
    20 April 2020 @ 20:19
    Whinny, overrated economist who wouldn't have a platform if not for his Nobel win in trade theory of all things. Krugman epitomizes the condescending, ivory-tower thought that is unable to factor in human nature into their theories of how the world should work. If someone cannot fundamentally understand how human nature is inextricably tied to the power of the free market (outside of stupid models/studies) then there is no basis for understanding and consequently nothing to be learned from this hermetic nerd.
  • JC
    Julie C.
    23 March 2020 @ 21:01
    Krugman just said "climate denial....existential, putting the future of civilization on the line" what a complete and utter exaggeration. I thought he was meant to be smart; that's a political/ideological rant. Stopped watching him right there and suggest he read "Energy for Future Presidents: The Science Behind The Headlines" for a considered and fairly balanced opinion by independents. TLDR of the book: Invest in safe modular nuclear - this can be done now as part of infrastructure investment, either that or go back to the stone age.
    • DZ
      Dongbin Z.
      8 April 2020 @ 01:17
      Out of all the random sound bytes in this interview, global warming denial can indeed be an existential threat to the whole of human race. You are not being objective if that's the single thing out of the interview you have problem with. I dunno. Maybe some of you need to squeak a little more and get used to different ideas.
  • DZ
    Dongbin Z.
    8 April 2020 @ 01:10
    I really don't care about Krugman's understanding of Julius Caesar.... No offense, I expect myself to know more history than Krugman. Krugman's various favorites are not what I subscribed to Real Vision for. I am here to learn his ideas and analysis.
  • MR
    Milton R. | Founder
    20 March 2020 @ 16:57
    Folks, as always, please keep it civil. Whether we like Paul or not doesn't really matter. What matters is that you keep your eyes and ears open and filter out through your own awareness what makes sense and what not.
    • PP
      Patrick P.
      20 March 2020 @ 19:53
      So Milton what do you do when you can't find a filter large enough for this nonsense?
    • KT
      Kai T.
      20 March 2020 @ 22:07
      Paul's ideas are part of the intellectual landscape. You don't have to like them to find understanding them USEFUL.
    • PW
      Paul W.
      22 March 2020 @ 00:05
      It is one thing to showcase people with different viewpoints, it is another to have someone as intellectually dishonest as Krugman. Everybody that disagrees with him has bad motives and is being funded by right wing billionaires? Who, Tom Steyer, Michael Bloomberg, Mark Zuckerberg, Warren Buffet, or is it Carlos Slim? You can do better than this Milton.
    • DZ
      Dongbin Z.
      8 April 2020 @ 01:05
      I think if you push him for analysis, his idea will sound a lot more palatable. Ideas without analysis don't sound that good in general.
  • SA
    Shawn A.
    22 March 2020 @ 12:00
    What is the difference between theory and practice? In theory, there is no difference... This man's ideology has made him blind.
    • CG
      Christine G.
      22 March 2020 @ 14:29
      Could you be more specific and present a counter argument?
    • DZ
      Dongbin Z.
      8 April 2020 @ 00:54
      While the OP should be more specific, Krugman should as well. Just saying.
  • CB
    Chris B.
    29 March 2020 @ 01:09
    RV thank you for having on what many would consider to be a controversial figure. It is valuable to have people on who have a different view of what many of your interviewees have. With that said, I did not learn much from this as the interview did not dig into any depth on his ideas. As a result we ended up with sound bytes so his ideas come across as scientific fact that have proven without a shadow of a doubt. So, arguing against them is like arguing against...say that gravity exists.
    • DZ
      Dongbin Z.
      8 April 2020 @ 00:49
      Ya, I dont think Krugman expected to have any indepth discussion.
  • TS
    Todd S.
    24 March 2020 @ 17:48
    Great interview and great guest. Keep it up.
  • DR
    Dick R.
    24 March 2020 @ 02:49
    Listen to the zombies howl! Krugman is a breath of fresh air after all the guys who know how to make money and therefore think they know how the world works, and there is no necessary correlation of skills. Krugman isn't always right, and he admits that, but what he says overall is closer to the real world than a lot of what we hear from pompous traders. Hayek/Friedman has failed all but the very rich. Keynes is looking better every day. Much of what we hear from the right is not thought, but greed and self-interest hidden in bad faith. Thank you for putting this interview up. Judging by all the down-votes, you should have Krugman on once a month. Make the zombies howl.
    • JA
      Jonathan A.
      24 March 2020 @ 07:12
      Lol, what? This has to be sarcasm
  • hz
    herbert z.
    24 March 2020 @ 06:14
    amusing to hear the chief zombie talking about zombie ideas - someone please had mr krugman a mirror
  • CG
    Christine G.
    21 March 2020 @ 12:06
    Many of the comments on this thread lack precision. What exactly are people's arguments for or against some of his statements? While the idea of giving people money right now is not new (Yang argued for this and is now putting his money where his mouth is), he proposes it in light of the current crisis; what are people's views? Or what do people think of his brief discussion of tax cuts as being a blunt instrument that may not help those who really need the help? I think this thread would be more useful if people focused more specifically on what he said and commented on that.
    • DR
      Dick R.
      24 March 2020 @ 02:59
      They have no specifics. The right knows only ad hominem. It's their first and last refuge.
  • JF
    Jennifer F.
    24 March 2020 @ 01:25
    So not sure i believe half of this.
  • DM
    Douglas M.
    24 March 2020 @ 00:42
    I'd rather listen to Woods and Murphy on Contra Krugman. Pass.
  • AW
    Adam W.
    23 March 2020 @ 16:43
    So governments should never 'tighten their belts'? Never?
  • CW
    CC W.
    23 March 2020 @ 16:35
    Economists work in a vacuum.
  • DM
    Daniel M.
    23 March 2020 @ 15:27
    OMG, I refuse to watch this. Why the hell is Real Vision giving Krugman yet another platform to spew his garbage??? Ugh! I thought RV was committed to fighting Keynesian BS.. WTH!?
  • ME
    Michael E.
    23 March 2020 @ 11:16
    If I was him, I would apologize for my bad calls and would be very humble. Economy is very very complex and no system is going to work perfectly. He thinks like CBs, no common sense.
  • MC
    Melson C.
    23 March 2020 @ 07:09
    Except that Paul Krugman in 1998 said that by 2005, it would become clear that the Internet's effect on the economy is no greater than the fax machine's. Still trying to promote his book.
  • ST
    Simon T.
    23 March 2020 @ 05:14
    After 15 min of boring non practical advise for his own political agenda I went to the last 4 minutes - honestly, his Nobel price and PhD are in serious question here... I have learned 0 with this interview - I d rather listen to a NY street vendor of hot dogs what he has to say about the loves of 99%
  • DC
    Darren C.
    23 March 2020 @ 03:05
    Here's hoping the guests political ideals get quarantined for eternity.
  • GM
    Greg M.
    23 March 2020 @ 02:05
    What would be infinitely more interesting is to have a showdown between Paul Krugman and Robert Murphy. No holds barred. Of course Paul Krugman wouldn't agree to that but Paul....all I would say to you is iron sharpens iron. If you are the intellectual you claim to be you will eat Bob"s lunch. Besides Bob is a pacifist so you have nothing to worry about :-) Join us on the Contra Cruise - Get this through your head - we don't hate you, we disagree with you. Everything isn't political.
  • RK
    Robert K.
    23 March 2020 @ 01:04
    Please do not waste our time inviting neo-keynesian academic terrorists like Krugman.
  • CC
    Charles C.
    22 March 2020 @ 23:04
    I'm thankful RV did this. I found some of his ideas reasonable if not very specific. One objection to the title. One Way To demonize those you disagree with is to call their ideas zombies
  • ZM
    Zachary M.
    22 March 2020 @ 22:05
    Really trying to extract meaningful information from this interview and I can’t figure out if it’s because I don’t understand Krugman or because this was a recap of his book...
    • ZM
      Zachary M.
      22 March 2020 @ 22:06
      Could also be because I’m an idiot. :)
  • JS
    Jeff S.
    21 March 2020 @ 06:16
    I applaud realvision in their ability to hear all angles of perspective, even if I lose 44 minutes of my life to this davos puppet.
    • CG
      Christine G.
      21 March 2020 @ 11:50
      What exactly did you disagree with?
    • JS
      Jeff S.
      21 March 2020 @ 15:58
      how he and the majority of academia for that matter, model and interpret the economy. confirmation bias to his framework to the nth degree.
    • CG
      Christine G.
      22 March 2020 @ 14:26
      Jeff S., everyone interprets events in the context of their beliefs until they absolutely can't. What is your counter argument to his conclusions, as stated in this interview?
    • DZ
      Dan Z.
      22 March 2020 @ 18:08
      Chistine G. This is the comment section not a discussion section. The discussion happened in the video and we are commenting on what we heard.
    • JS
      Jeff S.
      22 March 2020 @ 20:15
      Christine, that is a daunting task and not one I feel we could adequately illuminate in this thread alone. We are witnessing systemic breakdown, the sum of all parts. I believe this website and its content - in its entirety - aims to tackle this as a whole. sorry for the vaguery
    • PP
      Patrick P.
      22 March 2020 @ 20:30
      Hey ...Christine G..aka shill ......EVERYTHING !!!
  • VC
    Vincent C. | Contributor
    22 March 2020 @ 19:47
    (As the interviewer for this segment, I feel compelled to help those in the RV audience interested in upping their game and educate themselves on key elements of basic economics. To that end, here are Mr. Krugman's posted twitter comments for those who might be interested.) Some wonky thoughts on economic policy in a time of pandemic. A number of people have been saying similar things, but I thought it might be useful to put them in a sort of standard, Econ 101 framework — namely, aggregate supply and aggregate demand. AS-AD posits an upward-sloping relationship between output/employment and inflation — that's aggregate supply — and a downward-sloping relationship from the demand side. Yes, I know there are lots of criticisms of this framework, but I think it's good enough for my point. So here's the picture as I see it. Covid-19 is a major adverse shock to both the supply side and the demand side, with the demand-side shock apparently larger — deflationary pressure seems to outweigh any inflation from disrupted supply. (note: as I am unable to post the chart, I invite you to view it here: The horizontal dotted line is target inflation (I don't think this matters much — raising the inflation target wouldn't do much right now). What the figure shows is that much of the job loss we're facing can be attributed to the supply shock. And here's the thing: we can't and shouldn't try to offset that supply shock, which is the result of sick people and those in nonessential businesses staying home, as they should. What we should try to prevent are only the additional job losses driven by falling demand. The point is that only part of what we're facing is a conventional recession, which can be offset by fiscal and monetary policy. The rest of it is more like a natural disaster, where the government's role is to help families avoid economic hardship, not put them back to work. What we're hearing about the Senate bill, however, is that it consists almost entirely of stimulus — poorly designed stimulus — and goes out of its way to avoid alleviating hardship. No expansion of unemployment benefits, no additional sick leave ... Even the cash grants are designed so that those who need them most don't get the full amount, and many wouldn't get anything. The reflex of cruelty to those in need means that what we seem to be getting simply fails to address the major problem.
  • jR
    james R.
    22 March 2020 @ 18:00
    Krugman is a partisan tool. Absolutely no practical value gained from listening by anyone seeking useful investment ideas.
  • ml
    m l.
    20 March 2020 @ 21:06
    Last trade idea video was in January “sigh”
    • MW
      Max W. | Real Vision
      20 March 2020 @ 21:21
      "Trade Ideas" the show is gone for good. Viewership was extremely low relative to our other content, it took the same amount of effort to book and produce, and it was difficult to vet every idea for quality. Having worked on the show myself for over a year I think it was the right move, as it did not match up with our goals to provide depth on complex topics. Trade Ideas was like eating chips or candy while the Interviews and Expert Views are more like a well balanced meal. Though I can understand not liking the flavor of what Mr. Krugman had to serve today.
    • ml
      m l.
      21 March 2020 @ 06:35
      Then we need some of the GOATs back on... haven’t heard from the likes of hempton, cohodes, etc in forever
    • ml
      m l.
      21 March 2020 @ 06:37
      Also, there’s very little to no micro or company level thesis or analysis anymore ... every video is becoming macro which at that point the talking heads on CNBC or hedgeye could provide ...
    • ml
      m l.
      21 March 2020 @ 06:38
      For example the DB piece was amazing early this week. I just feel every video from January is macro
    • MW
      Max W. | Real Vision
      21 March 2020 @ 15:29
      @m l. thanks for your suggestions of more micro. I'll take that in to our next editorial meeting. You are right that there has not been much recently. On the other hand, macro IS the story right now. The entire global economy is grinding to a halt and with the exception of a few companies everyone will feel the pain. Until we fully understand how this will play out, what else is there to talk about?
    • ml
      m l.
      21 March 2020 @ 22:38
      Yes but if you look beyond this week the recent programming has been macro; from China, to gold week, to housing week, to bitcoin ... in the end, either in equities or fixed income, allocation to asset classes matters but security selection is important. Security selection is done from strong business analysis, which has been on real vision before but has been lacking recently
    • BT
      Brian T.
      22 March 2020 @ 17:05
      If you want trade ideas, go subscribed to Hedgeye. I love them both.
  • MO
    Mary O.
    22 March 2020 @ 15:56
    personal favorite line (paraphrased for pomposity): Q What professional view do you hold that is most controversial? A My groundbreaking theories were radical at the time, but since they have become mainstream, I am now quite boring.
  • TD
    Thomas D.
    22 March 2020 @ 03:04
    Great Comments! Please forward them to Professor Krugman for self-reflection and reply.
    • CG
      Christine G.
      22 March 2020 @ 14:30
      What comments of substance are you referring to?
  • pd
    peer d.
    21 March 2020 @ 21:35
    Vince, Vince, Vince, throwing only soft balls, nothing high and tight. I get to within six minutes of the end and turned it off. Nothing to see/hear here. Why do these effete east coast, NYC (masters of the universe) seem to often come across as such smarmy, arrogant pseudo-truthers. This is coming from a flyover “zombie”. What a boringly binary thinker (left IE. those in the know versus the troglodytes on right) again proving to me what an ornament a phd is. Auntie Janet Yellen said there would never be another financial crisis in our life times. These people cannot be taken seriously. Herr Doktor Author Fleck err, ummm, Crudman please seek out a position in President’s Biden’s cabinet. Walk the walk instead of talk the talk. Perhaps Minister of Light and Propaganda might be available. Just a couple of old white guys (you and Joe) in the party of inclusion where multiculturalism is your strength. Ha Ha Ha! Does this guy ever write or speak in other than the NYC echo chamber without much biodiversity? My time would have been better spent watching reruns of Jerry Springer, Morri Povich, or even the Kardashians. Jeesh! Better call Snake Plisken to help you get out of the city, looks like it’s getting real in the Apple. Wait your government overlords will be there to solve all of the problems.
    • RK
      Richard K.
      21 March 2020 @ 23:45
      Have a little problem with NYC do you? It shouldn’t come as a surprise, but there really are all kinds of people with all kinds of points of view in NYC. Like most places with over 8 million citizens.
    • pd
      peer d.
      22 March 2020 @ 00:03
      Richie, what percent of New Yorkers voted for Killary? Something like 85%, that looks a little monolithic, politically speaking, to me.
    • CG
      Christine G.
      22 March 2020 @ 14:19
      peer d., as we sit back and watch Trump, who knows nothing, cannot read, cannot listen to people with expertise, is racist, has dismantled much of government ( the results of which we begin to see in the covid 19 debacle and increasing pollution among other things), is mentally unfit (never have thousands of psychologists and psychiatrists signed a letter documenting his clear mental health problems before Trump), and is not probably becoming demented now (for example, look to his decreasing vocabulary and sentence complexity, neither of which were ever good), has turned the US into an international joke instead of a world leader, it is hard to believe anyone would criticize H. Clinton in that context. Your comment can only be seen as a homage to NYC.
  • IB
    Igor B.
    22 March 2020 @ 04:06
    Poor questions and poorer answers.
  • ME
    Michael E.
    20 March 2020 @ 20:50
    I want to know, who gave him PHD, and how the hell he got Nobel prize????if so many people dislike him, please don’t bring him back. WE DO NOT WANT HIS OPINION.
    • SV
      Sam V.
      21 March 2020 @ 05:33
      I for one actually do. More than happy to listen to a variety of thinking and people. What part of his opinion did you dislike so much?
    • DS
      David S.
      21 March 2020 @ 06:29
      Mr. ..."Krugman earned his BA summa cum laude in economics from Yale University in 1974 and went on to pursue a PhD in economics from Massachusetts Institute of Technology (MIT). In 1977, he successfully completed his PhD in three years, with a thesis titled Essays on flexible exchange rates." "In the words of the (Nobel) prize committee in 2008, "By having integrated economies of scale into explicit general equilibrium models, Paul Krugman has deepened our understanding of the determinants of trade and the location of economic activity." Both Quotes Wikipedia under Paul Krugman. Professor Krugman is polemic, thereby causing a reaction by those who may be in opposition to his views. DLS
    • TD
      Thomas D.
      22 March 2020 @ 02:55
      Seriously...David S. ..."polemic"?.. but to what value?
  • sh
    steve h.
    20 March 2020 @ 20:55
    Please I did not renew my membership to listen to Krugman...Please no more...
    • JS
      John S.
      20 March 2020 @ 21:37
      I disagree as it's valuable to get direct exposure to how these Ivy Tower elites 'think'
    • DJ
      D J.
      21 March 2020 @ 16:12
      I agree with RVTV on this one, the fact that they provide an alternative opinion, even an economist, is valuable.
    • TD
      Thomas D.
      22 March 2020 @ 02:49
      Perhaps, yet always essential to know what those assigned "credibility" by some influencers think. They offer their swords upon which they will fall.
  • JH
    John H.
    22 March 2020 @ 02:18
    I try very hard to listen to all points of view on economic issues as a way of enhancing my own investing skills. Although I may not agree with someone, I usually find something of value in their views and discussions that I can add to my own knowledge base. However, I was disappointed in Mr. Krugman’s lack of articulation of his views on what he called Zombie ideas, and there was little pushback for additional explanation by the interviewer. At the same time, Mr. Krugman’s obvious political bias detracts from his economic discussions. Overall, I expected much more from this interview.
  • BB
    Bob B.
    22 March 2020 @ 00:48
    Gad ... another Gretta follower instead of a data follower :(
  • AS
    Ahmed S.
    22 March 2020 @ 00:17
    I guess at this point we either go MMT or have a complete collapse... What other options are there? Maybe a collapse and a reset would be better in the longer term but politically MMT is better for Trump. Bush and Obama faced the same question 11 year ago but this time is even worse. Seems like a perfect storm of epic debt bubbles being burst by the Coronavirus virus buckshot paired with a dysfunctional sickcare system.
  • MT
    Mark T.
    20 March 2020 @ 22:43
    Interesting to read the comments and have evidence of people's inability to listen to two sides of an argument without clutching their pearls.
    • PW
      Paul W.
      22 March 2020 @ 00:12
      I think that is more Krugman's problem than people commenting here.
  • KW
    Kent W.
    21 March 2020 @ 23:08
    No new piercing insight, but also no pretense or fear mongering. I enjoyed it. I suspect most of the raters didn't watch more than 5 minutes because they are Republicans or Libertarians and have already decided that they (wrongly) knew what Krugman would say - which turns out isn't that radical.
  • RR
    Rog R.
    21 March 2020 @ 23:03
    Thank you for this interview. I needed reinforcement not to sell my gold and gold stocks!
  • WC
    Wilson C.
    21 March 2020 @ 13:18
    Hey Raoul and Julien will be behind a paywall now. But you can have Krugman for free!!
    • GB
      Gold B.
      21 March 2020 @ 16:47
      Yeah; not happy about that. We pay for Raoul and Julien. But good to see what the other side says.
    • MW
      Max W. | Real Vision
      21 March 2020 @ 18:18
      In the last 7 days you got Raoul yesterday, Raoul on Monday, Raoul on Saturday (more than ever in one week) and if you look back through the archives you'll notice that Julien generally only appears on the essential tier once every few months or once a quarter. Raoul is doing more essential tier content than he's has ever done and all while the entire globe is on lockdown. Both of them will be on the essential tier next week.
    • ml
      m l.
      21 March 2020 @ 22:34
      This platform has morphed poorly
  • DV
    Dimitri V.
    21 March 2020 @ 22:19
    Really impressed you guys got him on!
  • AT
    Andrea T.
    21 March 2020 @ 21:23
    "Temporarily" nationalize lol
  • at
    arthur t.
    21 March 2020 @ 18:00
    OK. Not the greatest interview. Most disappointing is the commentary in this thread. Way too ZeroHedge-ian for me. I expected more from subscribers to this site. My bad.
  • BD
    Ben D.
    21 March 2020 @ 17:28
    Enjoyed the interview even though I dont agree with a lot of his economic views. I'm happy that at the very least I heard him out on what he has to say before denying him a chance for him to say it. I dont think the inflation arguement will happen due to technology and demographics I still think there needs to be reasonable fiscal governance and responsibility so as to not erode the trust of a soft currency. Granted, government and large institutional wealth transfer works differently than consumers wealth transfer. Listening to this interview and looking back at the comments made, I think It would be wise to quote someone much smarter than me "It is the mark of an educated mind to be able to entertain a thought without accepting it." So I thanks Vincent for bringing Paul on RV.
  • MW
    Moritz W.
    21 March 2020 @ 17:26
    "Fiat money is backed by men with guns" - Paul Krugman Buy Bitcoin!
  • MR
    Matthew R.
    21 March 2020 @ 16:48
    Didn't ask enough insightful questions, you just let him spew his ideology without any pushback. What about fundamental issue with the economy due to stuff like reliance on global supply chains and the US being propped up only whilst the dollar remains as the reserve currency,
  • BB
    Benjamin B.
    21 March 2020 @ 16:05
    If I wanted to hear liberal politics I'd turn on CNN. Focus on the market and economics Realvision. First time I've seen a video with more thumbs down than up and for good reason.
  • rs
    richard s.
    21 March 2020 @ 13:32
    Who is a real zombie??? Is this a self-deprecating joke?
  • CG
    Christopher G.
    21 March 2020 @ 12:37
    The Biden Administration will fix The Republicans and The Germans.
  • NS
    Nick S.
    20 March 2020 @ 15:03
    I rarely comment and when I do I make a conscientious effort to make it constructive. The most positive recommendation I can make is to please not have him on again. Despite his credentials there is very low signal to noise here--likely a function of the very high embedded political noise. RV is much higher quality than this.
    • JW
      Joel W.
      20 March 2020 @ 16:21
      Nick S, thank you for the thoughtful and constructive comment. I’ve been struggling to find value in having a fella like this on RV, since I definitely value opposing viewpoints. However, your point about low signal to noise saved me the torture of listening to a bunch of intellectual dishonesty. Nothing against RV for trying a thing, but I’m skipping this one.
    • JS
      Jason S.
      21 March 2020 @ 11:24
      @Joel W - you should have something next to your name so that we know your from RV
  • NP
    Nick P.
    21 March 2020 @ 11:15
    Sorry RV, bad idea with Pedo guy. He is trying to protect his personal income
  • IK
    Inna K.
    21 March 2020 @ 10:17
    Technically what he said was accurate, but overall intellectually dishonest. Reeked of Ellsworth Tooey.
  • MJ
    Marius J.
    21 March 2020 @ 10:10
  • JF
    Jarrod F.
    21 March 2020 @ 05:25
    Nice to hear non-neoconservative views here on Real Vision once in a while
  • RT
    Rune T.
    20 March 2020 @ 20:35
    I wanted to watch this because I am trying to stay open but when he said the world is awash in savings, I had to turn away. A very small percentage of the world is awash in savings, the rest have no savings and all of us are living in a fraudulent based economy of over priced assets due to false concepts about debt and money printing. Real wages have not gone up in decades and our kids cannot afford to pay their school loans, buy a home or invest in the stock market and you want to continue printing to increase debt and asset prices further? The few people that are on the sidelines saving their money realized in 08, the stock market, real estate, bubble priced assets and our economy is a dangerous casino where you will eventually lose your money. Paul, you want to further this obscenity because you cannot admit you are wrong?
    • sm
      sam m.
      21 March 2020 @ 04:33
      I assume you haven't read Keynes as your arguments don't make sense given what he writes in the General Theory. First sentence of Ch 24: "The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes. " And your complaints ... arbitrary and inequitable distributions of wealth and incomes. And the complaint about awash with savings ... ok, so in what world would the cost of capital fall to zero aside from the supply of capital being no longer scarce. Debt is future savings brought forward so it can be considered a supply of capital - sure, it can go beyond sensible - but it is hard to argue that we are in a situation of excess supply of capital and demand has dropped near zero, which Keynes predicted. Read Ch 24 and understand that Keynes predicted a much greater role for Government since we would have sufficient capital to provide full employment.
  • CT
    Crispim T.
    20 March 2020 @ 14:56
    "Krugman is the intellectual & physiological poster child for fiat money: An utterly vacuous slave to authority promoted as an intellectual for regurgitating Keynes' idiotic fake econ; Krugman thought the internet would fail because normal people have nothing to say. He thinks Bitcoin will fail because normal people don't deserve a money they control. In his ideal world, peasants shut up, read his column & use inflationary government monopoly money. Krugman has been at the cutting edge of not understanding the economics of new technology since 1998. Krugman cannot see that the problem Bitcoin solves is Krugman. Unlike every other form of money, even gold, Bitcoin is completely immune to the high time preference whims of Keynesians like him. Valuing Bitcoin is hard because it's priceless, not valueless" - Saifedean Ammous These charlatans won't get us again. #BTC
    • HA
      Harald A.
      21 March 2020 @ 03:10
      @crispim t. Thank you for posting that. I could not agree more. The reason I joined RV was to find solutions to the toxic ideas of people like Krugman.
  • DS
    Doug S.
    21 March 2020 @ 03:08
    "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
  • BD
    Brent D.
    21 March 2020 @ 02:30
    Thank God for the X1.5 speed setting! Krugman has a sliver of my respect, he his not shrouding the origin of his views. It is sad that what little value added comments he presented, on the V vs U recovery, are poisoned by his lack of balance. Honesty about motives, Paul thank you for not hiding yours!
    • DH
      Dale H.
      21 March 2020 @ 02:44
      Paul Krugman is a POS. I wouldn't even listen to his Netflix suggestions.
  • BP
    Bryce P.
    21 March 2020 @ 02:24
    A way overpaid BUFFOON!!!!
  • BS
    Bevyn S.
    21 March 2020 @ 01:10
    Lol. Very bias and not curious. Clearly enamored by current democratic establishment and not thinking deeply. Krugman peaked long ago....
  • JM
    Jim M.
    20 March 2020 @ 14:57
    I don't ever want to see or hear from Krugman
    • MA
      Mikael A.
      21 March 2020 @ 00:53
      Listen to the contra krugman podcast :)
  • MA
    Mikael A.
    21 March 2020 @ 00:49
    He is correct on one thing. United stock holders should get dilluted. Other than that he sounds more like a CCP economist than a free world one.
  • kb
    kriss b.
    21 March 2020 @ 00:40
    I was willing to entertain this guy out of curiosity. but to be honest it was waste of time. He's defiantly an intellectual who like to use strawmen in favor of arguments. Not the best aurator either. kind of a nasally pip squeek.
  • BP
    Bakulesh P.
    21 March 2020 @ 00:24
    Please do not insult our basic intelligence and common sense by this useful discard. Seriously, it negates and destroys all the wisdom we have acquired from RV other guests. Disappointed.
  • PW
    Philip W.
    20 March 2020 @ 23:49
    Political Hack!
  • CY
    Charles Y.
    20 March 2020 @ 23:00
    While I disagree with Dr.Krugman (and hate his love of pelosi who is just as bad as trump imo) I love that Real Vision is able to bring on someone who so much of the community here really hates. The amount of negativity in the comments section means we really are getting a diverse range of opinions, which many financial media outlets fail to accomplish. Great work guys!
  • RP
    Rahim P.
    20 March 2020 @ 22:48
    Really appreciated this video even though I don't agree with much of what was presented here. Thanks, RealVision, for presenting this side of what's going on.
  • DP
    Duane P.
    20 March 2020 @ 19:29
    I don't have an issue, per se, with Krugman coming on here for an interview. I don't want RV to become an echo chamber. My issue is more that this was a simplistic and softball interview. If the interviewer would have actually pushed him to drill down into the nuances and technical reasons for his view I would have gotten some value out of this.
    • CP
      Christopher P.
      20 March 2020 @ 21:52
      I agree. I don't mind hearing a wide range of views, but this seemed like a tribute to Paul Krugman, rather than a serious critical analysis. If he comes on again, I'd like to see him being challenged by a more competent interviewer.
    • ab
      alain b.
      20 March 2020 @ 22:40
      Well said Duane. Wasn't really an interview more like a casual conversation.
  • YA
    Yaz A.
    20 March 2020 @ 12:51
    You should bring on Nassim Nicholas Taleb, he’ll have fun with this one.
    • WC
      Wilson C.
      20 March 2020 @ 15:39
      I agree!
    • FG
      Flavio G.
      20 March 2020 @ 22:25
      That would be serious stuff.
  • BC
    Bryan C.
    20 March 2020 @ 21:56
  • IZ
    Ignacio Z.
    20 March 2020 @ 21:53
    Please add a FREE year's subscription to every viewer of this video. This guy is not worth our time he is a total IYI (intellectual yet idiot).
  • IZ
    Ignacio Z.
    20 March 2020 @ 21:50
    Holy Shit...... When will we have a Martian Attack?
  • CT
    Crispim T.
    20 March 2020 @ 21:43
    RV deleted comment stating this guy is exactly what he is. A Keynesian puppet and an absolute fraud. Read Saifedean Ammous. Free yourselves from charlatans like this one. Raoul, shame on you. A contrarian view can be healthy but we want quality WTs in our SWOTs, not just charlatans who have been supporting a system of ruin for over a decade.
  • PJ
    Paul J.
    20 March 2020 @ 17:17
    Krugman sounds almost clueless, an ideologue, clinging to a dying Keynesian economic model, e.g., "we live in a world awash in savings with nowhere to go"? I give credit to RV for airing a wide diversity of views, so no problem there. However, Krugman is clearly a political shill, espousing many baseless views to support his left-wing constiuents.
    • JS
      John S.
      20 March 2020 @ 21:39
      Almost clueless!?
  • TT
    Tim T.
    20 March 2020 @ 21:38
    Thought Krugman's "computer was compromised"....?
  • HT
    Hans T.
    20 March 2020 @ 21:27
    RV did a great job getting this interview, you guys are bringing us an excellent range of views from really interesting sources. I've subscribed for a while now and the service keeps improving all the time; something I can't say about other services. Appreciate all the daily interviews too...
  • BJ
    Bryan J.
    20 March 2020 @ 21:15
  • JE
    James E.
    20 March 2020 @ 20:25
    Not my cup of tea.
  • JH
    Joseph H.
    20 March 2020 @ 15:17
    You can't help but question the judgement of RV to have Krugman in one of their videos.
    • RM
      Robbie M.
      20 March 2020 @ 16:15
      I’d give benefit of doubt and assume RV wants to give insight into the public policy zeitgeist, not because they endorse it, but because we need to know what’s coming from the coercive politicians and their influencers. I hope that’s right
    • SB
      Stephen B.
      20 March 2020 @ 16:24
      From the very beginning, they said they wanted to hear all opinions. I guess I respect that. Even though I disagree with Krugman, the reality is that our politico's listen to him.
    • MJ
      Markku J.
      20 March 2020 @ 17:34
      Excluding people on ideological grounds leads into groupthink, which is poison to an investor. It is better to hear all opinions. I'd even welcome a pure MMT advocate, even though that ideology leads into a disaster IMO.
    • JT
      Jay T.
      20 March 2020 @ 20:11
      It's good to have differing views. If RV becomes CNBC or Bloomberg though, barf on that.
  • JM
    John M.
    20 March 2020 @ 15:23
    I would appreciate seeing an interview with Richard Duncan and Steve Keen.
    • JT
      Jay T.
      20 March 2020 @ 20:10
  • HP
    Henry P.
    20 March 2020 @ 19:51
    Lots of theories claimed as facts w/o proof. Wasn't at all surprised to hear him say he believes the Fed should take over publicly traded business during times like this. Lost all credibility when he stated one of his idols is Nancy Pelosi. Don't mind the wide range of views on RV. Just hope I'm not paying too much of my dues to someone like this.
  • JS
    Joseph S.
    20 March 2020 @ 18:10
    Saw the interview on the home page and I had to check to see if it was April 1st. Unfortunately it wasn't. One positive for Real Vision this should get more visitors to migrate to a subscription level. I'm glad I have the Plus level.
  • AM
    Alonso M.
    20 March 2020 @ 17:48
    I couldn't. I tried. I really did. But I couldn't make it. Sorry.
  • AK
    Aleksandr K.
    20 March 2020 @ 17:37
    Thnks RV for bringing it. 🙏🙏🙏 It‘s important to get different views so we are not tunneled in whats gonna happen. But personally, he is the system!!! And i would expect to hear a clear message what can be done to chance the world. And nothing. Eat cakes and keep kicking the can down the road.
  • DS
    David S.
    20 March 2020 @ 17:15
    It is my lay understanding that Keynes believed in deficit spending in time of need, but the deficits must be paid back in times of surplus. There is nothing wrong with this theory, except politicians never pay back the deficits. They make sure there will never be a surplus. In order to keep economics safe, economist had to drop the word political from the original term Political Economics. In this manner Keynes' theory can be kept pure from those pesky politicians. Deficit spending worked fairly well while we were under the constrains of the gold standard. But when President Nixon eliminated the dollar convertibility into gold - guns and butter – politicians from both parties joyfully took complete control of taxing less and spending more. It seems to me that most of the unfavorable comments below are a reaction to reality of politics vis-a-vis the theories of economics. This leads to statements like "of course you can have deficit spending in times of crisis" by Professor Krugman followed by the thought OMG we are always in a time of crisis and will never pay back the deficit by the listener. I gave this presentation a thumbs up as a presentation of economic theory. I am fairly sure these policies will be passed by Congress and we will see deficits soaring like eagles around the world. Since some of these funds will go directly to the individuals the money will be spent unlike QEs. This should eventually drive up inflation, so I reinstated my gold hedge and a few stocks. I have great faith that politicians around the world will continue to work diligently night and day to do destroy the value of fiat currencies. If I were younger, I would probably buy some Bitcoins. Unfortunately you can’t teach an old dog new tricks. I leave Bitcoins to you younger folks. DLS
  • TE
    Tito E.
    20 March 2020 @ 08:40
    Krugman wants to make everyone a millionaire. The problem might be with what that million is really worth.
    • GF
      Gordon F.
      20 March 2020 @ 16:47
      Almost every Japanese retiree is a millionaire - in Yen!
  • SB
    Stephen B.
    20 March 2020 @ 16:39
    The current central banking system is working well??? Ha Ha
  • DZ
    Dan Z.
    20 March 2020 @ 16:01
    Sounds like hes the zombie from were i stand...
    • RM
      Robbie M.
      20 March 2020 @ 16:05
  • PV
    Peter V.
    20 March 2020 @ 15:30
    Great to hear from Krugman, I dont agree with him though. But why are there no critical question? Why dont interviewer ask about Fiat problem with extreme deficits coming, future inflation etc... Come on.
  • tc
    thomas c.
    20 March 2020 @ 15:29
    first time i've ever seen 2x thumbs down and RV crowd is usually very fair.
  • MS
    Michiel S.
    20 March 2020 @ 15:26
    This interview actually made me laugh loud out, how funny is this RV. Great to also have funny stuff on this channel! Congratulations and thank you Vincent for sacrificing your precious time.
  • ZK
    Zsolt K.
    20 March 2020 @ 15:10
    New book, how original, did he see Tom Woods/Robert Murphy conversation with a zombie? " I am all for a Green New Deal, nobody knows quite what Green New Deal means, and that's a great thing' Thank you Mr Krugman, you will stay on the shelf I put you at first, the knowitall & anointed shelf.
  • MA
    Mikael A.
    20 March 2020 @ 15:04
    This is the nutjob who wishes people believe the aliens would attack. He thinks people panicking is good for the economy, he probably love corona.
  • WM
    Will M.
    20 March 2020 @ 14:58
    Ha! As soon as I saw this video I thought this is going to get a very negative vote from the crowd on RVT. Actually I see a few upvoted the video and I wonder if thats because they approve his ideas or they are just giving a thumbs up to actually being to listen to Krugman at all. I don't know what his Nobel was for but sometimes these things just get given for stage reasons. As to the current government handouts I neither agree with tax cuts or check handouts. Feels they are not addressing the biggest threats but thats a huge topic. There is something about the man that is dislikable.... Really couldn't watch the whole video......
  • CT
    Crispim T.
    20 March 2020 @ 14:52
    Did someone send Paul Krugman the Fax about Bitcoin being the new Standard soon?
  • FB
    Florin B.
    20 March 2020 @ 14:47
    Raoul, wtf is this?
  • SW
    Scott W.
    20 March 2020 @ 14:29
    Krugman hurls polemic after polemic laced with outlandish statements that are demonstrably false. He does not practice civil discourse. Will RV be upset with its members should there be a deluge of negative feedback? On a related note, there are some astonishing ironies within that he won't and can't recognize.
    • MK
      Michael K.
      20 March 2020 @ 14:38
      No they will not be upset. I don’t think they’re “giving a megaphone” to fiat state servants like Krugman, you (for now) have the freedom to consider ideas you disagree with and that’s a good thing.
  • DW
    Denton W.
    20 March 2020 @ 12:26
    I have no problem with Real Vision bringing a wide variety of guests. Even ones I disagree with. In fact, I encourage it. The problem is that Krugman is so intellectually dishonest and assumes the worst out of everyone that he is impossible to take seriously.
    • EB
      Eric B.
      20 March 2020 @ 14:36
      100% agree with this.
  • TB
    Terence B.
    20 March 2020 @ 14:34
    Krugman is a hack.
  • SM
    Stefan M.
    20 March 2020 @ 14:21
    Listening to him is a complete waste of time...I gave up after a while...he is so dumb and also his track record is train of those people we shld not even give airtime...what he says is just noise!
  • MH
    Michael H.
    20 March 2020 @ 14:20
    Paul Krugman is a political hack economist. I can't get anything of value out of his ideas other than it concerns me that he has any influence. He also is so sure of himself. And of course he knows for sure that man is responsible for climate change. Economists know all.
  • PN
    Philip N.
    20 March 2020 @ 13:51
    A friend of my dad's had a mother in-law that hated him. She used to say of her daughter, "Never before had someone stooped so low and came up with so little." As I finished reading the Krugman transcript that thought came to my mind for some reason.
  • JH
    Jared H.
    20 March 2020 @ 13:23
    Only a few minutes in. Does the interviewer ever ask Krugman if they got to the bottom of the hacker who used his IP address for child pornography access?
  • TM
    Thomas M.
    20 March 2020 @ 13:22
    Paul Krugman's report card is a Total Train Wreck as an Economic Academic. Research his predictions! Video getting very poor ratings..... Worst RV video and guest as ratings are showing.... Political hack not a guest worthy of this platform. Nothing personal.... just stating the obvious!
  • AM
    Artem M.
    20 March 2020 @ 13:13
    I really hope Paul reads these comments and reflects on them.
  • PP
    Patrick P.
    20 March 2020 @ 13:10
    Total lack of common academic disaster.....enough said.
  • ME
    Michael E.
    20 March 2020 @ 12:51
    Paul Krugman is a part of CBs. We are here because of people like him. I’m absolutely sure as a person, he is a great guy to drink with. As far as his economic views, I totally disagree with him 100%. If I was him, I would return Noble prize and PHD to Princeton. Don’t believe me , review his report card on google, his predictions, etc. You want make $$$$, go opposite to Paul’s view.
  • GL
    Geoffrey L.
    20 March 2020 @ 12:42
    More Krugman, please! We need a cathartic shithead punching bag in troubled times like these!
  • CB
    Christopher B.
    20 March 2020 @ 11:39
    He’s such a slimy person. You can listen how he immediately assumes the worst intentions of republicans and Germans and how he must be right (even though his track record is garbage). Scumbag.
  • KM
    Klayt M.
    20 March 2020 @ 05:41
    Hard pass
    • AW
      Andrew W.
      20 March 2020 @ 06:57
      I'll save you the time of what you missed: "Debt? No Problem" "Just give people cash" "I can't wait until Feb 21 when Biden unrolls the environmental program"
    • SA
      Saad A.
      20 March 2020 @ 11:30
      Who said “you can’t buy time” in life. Thank you @Andrew, now I have 25 hour day :)
  • DM
    David M.
    20 March 2020 @ 10:52
    Pretty disappointed real vision brought on Paul krugman. He has a long history of being very wrong. I will skip this one.
    • FG
      Flavio G.
      20 March 2020 @ 11:25
      I dislike Krugman's ideas too but I do welcome RV's plurality here.
  • CB
    Christopher B.
    20 March 2020 @ 11:18
    Always good to have a contrary indicator to reality. Please have him on more often I feel like it will help with timing.
  • IH
    Iain H.
    20 March 2020 @ 09:48
    Trump is not the Neo Liberal he just got lucky, or samrt enough to promised something the disenfranchised wanted , not that he will deliver .Joe Biden is the Neo Liberal that's why is OK to publicly support Biden and not Trump
  • DF
    Diamantino F.
    20 March 2020 @ 09:17
    Nothing like having some one speaking in the background when you in quarantine alone at home ....
  • SK
    Sinisa K.
    20 March 2020 @ 06:03
    I’d rather hear many different ideas and points of view and come to my own conclusions than bounce around in the same echo chamber. Much appreciated. Thank you.
    • SC
      Sam C.
      20 March 2020 @ 09:02
      Simple concept but hard to do I think. It's an art to do this well.
  • SC
    Sam C.
    20 March 2020 @ 09:00
    As a Younger person, I used to like Paul K but since he has gone pure politics I can't take him seriously anymore. I also think Taleb's attacks have greatly diminished the perceived quality of Mr Krugman. ill read the transcript! Thanks, RV for making that available!
  • JP
    John P.
    20 March 2020 @ 07:53
    "The two biggest obstacles to sane economic policy right now are the republican party of the US and the entire nation of Germany" - These insights brought us by a man who has never (and could never) work anywhere but in an ivory tower.
  • DH
    Daniel H.
    20 March 2020 @ 06:48
    Thoughts on a boatload of deficit spending? “No problem.” Huh? What movie is he living in??
    • JS
      John S.
      20 March 2020 @ 07:48
      Which planet?
  • SM
    Steven M.
    20 March 2020 @ 06:51
    Krugman on deficit spending by Western governments: "...we're all able to borrow money at extremely low interest rates, there's no hint of a problem..." Ahhhh, Repo anyone? Banks are lacking in confidence to lend to each other. Rates are being lowered as credit risks are rising. Central banks are losing control of short end rates. Keynesian economics is disintegrating (speaking of zombie ideas). The clock's ticking until the time people lose confidence in public markets / governments en masse. Do fear the Repo...
  • JO
    Jeffrey O.
    20 March 2020 @ 06:23
    Thank you RV. Now I remember why I dislike Krugman so much.
    • JS
      John S.
      20 March 2020 @ 06:47
      Yes, he's appallingly out of touch
  • JS
    John S.
    20 March 2020 @ 06:44
    Thanks RVTV for giving us insights into how the 'elites' think. I didn't realise Bernanke had done such a great job!
  • PO
    Paul O.
    20 March 2020 @ 06:01
    Hahahahahahaha. I haven’t even listened yet and I can’t wait to read the comments.