Subject: Re: Krugman: Gaming Out a Sudden Stop
I think the graph says about 90% of GDP, not 0.9%. This amount is securities and bonds.

That, plus Jim's statistics, makes much more sense.

The Y axis of the graph is captioned $0.1 million net investment per billion dollars of GDP so that's how I did the math.

Regardless, I will always ignore Krugman whether he is right or wrong. I don't have the time in terms of search cost to find out.