January 13th, 2012
09:06 PM ET

Watch GPS: Rogoff vs. Krugman, plus former Iraqi PM Allawi

On Fareed Zakaria GPS this week, honing in on the economy. What America’s next president needs to do to create jobs; the state of the U.S. economy; the fate of the Euro Zone – economists Paul Krugman and Ken Rogoff face off in debate.

Next we hear from the man who says Iraq is on the brink of disaster: former Prime Minister Ayad Allawi.

And then a macro look back at the War in Iraq – was it worth it for the U.S.? Conservative thinker Max Boot debates Peter Galbraith.

All that, plus What in the World – why high oil prices seem to be breaking a basic rule of economics.

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Topics: GPS Episodes

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    Shiia Imam sentenced to life in prison in JFK airport terror plot

    Kareem Ibrahim was convicted in May of conspiring to attack JFK airport
    He is sentenced to life in prison for his role in the 2007 plot
    Ibrahim was a leader of the Shiite Muslim community in Trinidad and Tobago
    - An imam and leader of the Shiite Muslim community in Trinidad and Tobago was sentenced to life in prison for conspiring to attack a New York airport by exploding fuel tanks and fuel pipelines under the airport, the Justice Department said Friday. he is paid by Iran\\\ Iran sending those shiia thugs to USA, Canada, latine america and other countries to open husyaniya place for prayers ( safe house ) for terrorists shiia thugs all shiia must be kicked out from our nation

    January 14, 2012 at 12:02 am | Reply
  2. j. von hettlingen

    Fareed, you should get Leon Panetta, Marc Grossman, Imran Khan, Vladmir Putin etc on your show.

    January 14, 2012 at 5:19 am | Reply
  3. George Patton

    There's but one way to solve the political crisis in Iraq and that is to divide that country into three different states. First by giving the north to the Kurds who so richly deserve their independence, then by giving the south to the Shiites and the west to the Sunnis. This is the only way there can be peace over there since the uncalled for U.S. invasion in 2003 let the Genie out of the bottle so to speak.

    January 14, 2012 at 11:42 am | Reply
  4. pmcdonald

    Fareed. When are you getting Right Wing Revisionist Historian Naill Fergusen back? The guy that left the UK because he has been disrespected in all quarters for his ideological and anti-factual take on history. It would be great to see him debate Krugman or Rodrick on the political economy.

    January 14, 2012 at 1:26 pm | Reply
  5. Rz

    It irks me to no end when anyone mentions "Government creating jobs". Get it straight! Governments are an expense. They derive revenue from taxing those that create real GDP. When Government create jobs they might as well be signing over their own paycheques to their friends and borrowing from you the taxpayer to pay for their own salary. If Government would just stick to governing and allow the people of their nation to get to work making products and providing services, we would not be in the mess that we're in today. Governments have gotten so far out of whack it's hard to tell whether they're democratic, socialist, communist, fascist, or something even worse. One thing for certain, they are not working for the people, nor by the people. They're working for those who have most money. That is today's reality, so get used to it. And every time the Government "creates a job" it just makes it more difficult for those who have real jobs and pay real taxes.

    January 14, 2012 at 9:26 pm | Reply
    • watto

      I understand your frustration. I See government as a managerial team set up by the people, of the people, to work for the people. The American government has become dysfunctional in part because the American people seem not to get along due to race, religion, politics, etc. America does not lack the resources to find lasting solutions to existing problem, but WILLINGNESS TO WORK TOGETHER.

      January 15, 2012 at 10:40 am | Reply


    January 15, 2012 at 5:54 am | Reply
  7. lizh

    Just watched interview w/ allawi. Allawi wasn't very endorsng of the The us role in Iraqs unraveling situation, and irans influence..I can't imagine the us is not in constant communications w/ Allawi and other iraqs governing officials...
    And iraq shold've thought more about this when they did not agree to terms in keeping the US there...

    January 15, 2012 at 10:49 am | Reply
  8. Muhammad Al-Khafaji

    Fareed, do you still believe that nonsense about Maliki being an Iranian puppet? The US administration know this isn't the case. Here's what the former ambassador Christopher Hill had to say a few months ago:

    "If it is true, as some of our often poorly informed but never in doubt talking heads would have us believe, that Prime Minister Nuri al-Maliki is pro-Iran, perhaps they should put up the proof that this is the case. Maliki is, to be sure, tough-minded and not easy to convince of things. But the notion that he is an Iranian sympathizer - as opposed to a highly nationalistic Iraqi - is based on no evidence at all except for the fact that, like the majority of Iranians (and Iraqis, by the way), he is a Shiite."

    Allawi is a desperate man. He'll say anything to bring down the government.

    January 15, 2012 at 10:55 am | Reply
  9. Mike

    Just saw the discussion with Allawi, where he states that Iraq is neither stable nor a democracy, that sectarianism and the attendant violence is on the rise, and that Iran is now highly influential in Iraqi politics. And now the discussion is about whether the Irqa war was "worth it". OMG, ARE YOU KIDDING ME??? NINE YEARS, TRILLIONS OF DOLLARS, AND 4000+ YOUNG AMERICANS' LIVES? Shame on George W. Bush, his entire administration and its allies, and ultimately, on AMERICA, for perpetrating this atrocity on Iraq and the world. This situation was completely foreseeable. The disastrous consequences, already happening and still to be determined, are on DELUDED REPUBLICAN CONSERVATIVE WAR MONGERS. END OF STORY.

    January 15, 2012 at 1:49 pm | Reply
  10. hana

    It was too pretentious of your guest Galbraith to speak on behalf of Iraqis and to state that Iraq is better off following the US invasion. Let the Iraqis speak for themselves. Is Galbraith aware of the tens of thousands of Iraqis killed, children orphaned, widows since the invasion? the destruction of infrastructure? loss of security and safety? absence of basic human necessities (electricity, clean water...)? emergence of sectarianism, etc.? Torture and humiliation (Abu Graib is one example). The list is indeed too long...
    The Iraqis can tell the world what their life has been like since Bush decided to invade their country.

    January 15, 2012 at 2:18 pm | Reply
  11. Bob

    Very strange to hear your take on Krugman's column . A much better conversation on Bain would have been as Krugman pointed to, a discussion on whether or not Venture Cap. is a productive activity for the country as a whole
    and whether or not Romney actually created jobs andcontributed to the 'good' of the country and how much money did the U.S. tax payer contribute to Bain's ventures. You really missed the boat here and as a regular viewer I am more and more convinced of you own conservative preferences.

    January 15, 2012 at 3:45 pm | Reply
  12. K. Ulmer

    Your segment with Rogroff and Krugman brought a thought to me, if I use the theory that they have about nation debt in my family then when my family and I live beyond our income and run insurmountable debt than their answer is that I should not have austerity but rather I should just print money which in personal terms would be I just get another credit card assuming someone wants to consider me a risk. good luck with that. Europe's debt and our U.S. debt has come from their and our not being responsible fiscally and the answer now will be bankruptcy just as it would be for my family if we did that and with that comes the consequence of it what Mr. Krugman doesn't like is the consequence that is coming and what really needs to happen is we need to end the business of insureing this debt so that those who choose to lend to them will bear and realize the true risk they are taking . Forget about inflation, you let that genie out of the bottle you might have a difficult time putting it back in. How these people get their answers bewilders me

    January 15, 2012 at 4:29 pm | Reply
  13. Toby Marion

    – It was surprising to see Ken Rogoff being so uncertain about infrastructure investment in America, i.e. whether we needed it or could do it well. What does he think about our highways, bridges, airports, schools, education, hospitals, subway systems, train systems, local roads, and more, compared to Europe, UK, HK, and even, in many ways, China? The USA surely cries for investment across the board, to stay, across the board, with the rest of the “first world.” No doubt our best, brightest and wealthiest are doing fine.
    – FZ talked about the price of oil and economic fundamentals, but shared no facts on those fundamentals, i.e. supply and demand. A chart of total world oil supply and demand for the past 50 years shows clearly that prices have skyrocketed when the curves meet, and collapse when world economic forces (conservation, switching, technology, etc.) reopen a gap. Occasional short term periods where prices are unrealistically high can also be seen. The argument that prices are now high because some producers need a certain price level to balance their budgets is unrealistic. Does he believe that one’s salary or job prospects or the price of other commodities such as iron, cocoa, wheat or cotton will be governed by what is needed to support a lifestyle, company or nation?
    – Regarding the piece on was the war in Iraq worth it, Mr. Boot would be advised to read what Cornell History Professor Emeritus Walter LaFeber wrote some years ago, to the effect that anybody who thinks that American democracy will be welcomed in Iraq with open arms has a complete lack of understanding of the history and culture of the Iraqi people. In addition, his comment that a great power should be able to deal with two security issues or wars at the same time is tragically ludicrous. There are no “shoulds” in history. The Iraq invasion also proved in this one case that we couldn’t even handle one, notwithstanding that the invasion it was misguided, unwise, poorly execute and to many in the world illegal.

    January 16, 2012 at 8:19 am | Reply
  14. peter

    Why is Paul Krugman still listened too. He reccommended in 2002 that the fed create a housing bubble to get us out of the recession. He is so cliueless about how the economy works his only negative was he doubted the fed could create a housing bulbbe.

    January 16, 2012 at 11:57 am | Reply
  15. Per Kurowski

    The current interest rates of US treasuries were discussed. Neither one of the renowned economists mentioned that when bank regulations require a bank to have about 8 percent in capital when lending to a small businesses, but allows the bank to lend to the US government against basically no capital at all, the distortions are so humongous that there is no way of knowing what the real market treasury rates really are. Currently the US is flying blind!

    January 16, 2012 at 6:02 pm | Reply
  16. Richard G

    Generally, GPS is one of my favorite shows because of the breadth and depth of subjects treated and also very much for the civil discourse. Usually, when there are guests with opposing positions, both sides are given pretty much equal time and are given the opportunity to take a postion on the same issue; this is good and allows the listener to hear both sides of an issue.

    However, on two occasions that I have observed, when Klugman has been a guest, it seems he gets way too high a proportion of the air time with his views. And on this most recent interview, Rogoff did not get his chance to weigh in on the same questions that Kugman did – leaving the listener with one side of some issues. Furthermore, on a previous occasion, while Rogoff was respectful and allowed Klugman to ramble on, when Rogoff was trying to give his position, Klugman interrupted Rogoff in a distracting way and this was allowed to continue without any attempted restraint by Fareed. I really like this show – but Fareed – please let both sides express their views equally and without interference.

    January 16, 2012 at 7:03 pm | Reply


    علم هدهد سليمان ومن مصدر امني مهم , أن هناك طائرة نقل إيرانية تحط أسبوعيا في مطار النجف الاشرف وهي محملة بالمليارات من الدنانير العراقية المزورة من إيران وبعد ذلك يتم نقل هذه المليارات من الأوراق النقدية العراقية المزورة تحت حماية أمنية مشددة وبإشراف عدد معين من كبار المسئولين في أحزاب الائتلاف الوطني إلى البنك التجاري العراقي فرع النجف الاشرف لغرض إيداعها به , ومن ثم سحب البديل عنها بالعملة الصعبة والتي تقدر بالمليارات من الدولارات ثم تحمل سراً بنفس الطائرة لتقلع بها إلى طهران . this is a fact every week an Iranian plan fly to iraq and directly to najaf province not baghdad in this najaf province the evil province in iraq , this plan brings billions of Iraqi dinars faked Iran dinar from iran and exchange it with USA dollars in janaf under the watch of al hakeem and al maleki group, bringing billions of dollars back to iran and then give to Syria , Russia and Hezbollah. WHY USA DONT DO NOTHING , WHAT IS THE USE OF SANCTIONING IRAN AND KEEPING THE EVIL IRAQI PRIM MINSTER DOING THIS EVIL DEEDS WAKE UP OBAMA

    February 5, 2012 at 2:45 am | Reply
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