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I haven't been following this much since the original episode, but at least here, I think I have to agree with Krugman. In their letter R&R are basically defending the notion that a lot of debt is dangerous. However, I don't think that was ever at issue. The issue was that their paper erroneously made debt look historically more dangerous than it was. The whole problem was that they presented a distorted reality. It doesn't seem like they are willing to own that.