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October 07, 2008


Per Kurowski

And while the ratings are going up this, for the banks, also means that they need less capital, which is something that also comes back with vengeance, when the ratings are going down. All in all we have managed to leverage pro- cyclicality. Great job regulators!


Liquidity is the problem the way it is for a Ponzi scheme.


But if Krugman's model isn't correct, if the problem wasn't too much leverage, then where does the crisis come from? What type of crisis would lead one to believe that injecting liquidity is the optimal solution? Is there another explanation that's nearly as plausible as Krugman's?


Brazilians were not offended by Krugman's post. They remember vividly that contagion in 1998-99 was hardly a matter of lack of financial virtue. Investors sold Brazilian assets because of a Russian default, a non sequitur that Krugman now tries to model. The sin of Brazil was to be vulnerable to leveraged investors and volatile capital flows and, in that respect, we truly are all Brazilians now.

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