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Lars P Syll: Krugman still thinking about Sweden — and still only gets it partly right

"The Swedish housing market — with a high level of prices and household indebtedness — has become increasingly fragile during the last two decades. A ‘Minsky moment’ actually doesn’t seem to be that far away, and we may sooner than we think face a deflationary house price spiral driving the economy to a classic Fisher-Keynes-Minsky debt deflation crisis.

And this is the part of the story that Krugman doesn’t want to admit gives some credence to the arguments put forward recently by the Riksbank."
Lars P Syll

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