Politics

Paul Krugman: Talking about American exceptionalism misses the point — there’s nothing special about the dollar

 

salon.com – Scott Eric Kaufman

The New York Times’ Paul Krugman used his Friday column to debunk the myth at the heart of the current euro debate, i.e. that it’s impossible to exist as an independent economic entity with its own currency while being immediately adjacent to an economic superpower.

Besides the obvious example, Canada — which remains economically viable despite maintaining its own currency — Krugman pointed out that both Australia and New Zealand did very well during the Asian financial crisis of 1997-1998 because they had independent currencies.

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  1. I would just like to point out that the idea of American exceptionalism does not come from the idea that America is in any way superior to any other country just because we think we are. The idea of American exceptionalism originates from the fact that, when we became our own country, we were different from the country we came from, and the countries around us. We became our own nation, away from the wars of the world from which we came. We founded ourselves on free ideas then, a sharp contrast to everything (the wars) that had been happening in the European world for thousands of years. So, in short, American exceptionalism comes not from the idea that we are superior, but that we were the exception to how things were being done at the time. That, however, did make us superior.

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