Overview
- In a Nov. 28 Substack column, the Nobel laureate says key figures in Congress, the administration, and parts of the Federal Reserve are dismantling post‑2008 safeguards.
- He cites efforts to weaken the Fed’s bank‑supervision role, noting that interest‑rate decisions have remained insulated from pressure so far.
- Krugman points to the GENIUS Act, passed in July, which promotes stablecoins that he describes as a lightly regulated substitute for traditional banking.
- He contends Trump is unaware of these moves, assigning responsibility to allies and cronies driving the agenda.
- The economist urges Democrats to prepare for potential fallout, emphasizing that his warnings are analysis rather than evidence of an imminent crash.