Nobel Laureate Paul Krugman Delivers Kellogg School Lecture

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Executive Summary

In the remarks, the international trade expert presented a gloomy economic forecast, noting that the U.S. currency crisis was now spreading to the rest of the world - despite a $700 billion rescue plan recently passed by Congress. That plan, Krugman said, even with some incremental improvements to its original version, "Still looks weak, and it looks small" compared to the enormity of the challenge. He cited Japan's efforts at a similar bailout in the late 1990s, suggesting that a comparable effort on the part of U.S. lawmakers now would require some $2 trillion.

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