There's no real formal definition of crisis, but being fair to him it's not yet a crisis. It is however a sharp devaluation, and appears to be the opposite of what he was predicting.

I don't know how you got that.

He's saying that a devaluation won't kill the country because the debt is denominated in Pounds.

That seems like a strange clarification. If he's predicting the Pound wouldn't decline - he'd say that.

Not say that if it does decline, it won't be a problem...

That implies it's a possibility. It just won't cause a crisis if it happens.

He says it most clearly right here:

https://twitter.com/paulkrugman/status/1573656086716071937

"The moron risk premium has now been priced in". That is, he believes the currency depreciation is substantially over.

He is also saying the thing you're reading him as saying too though.

GBP/USD hasn't moved substantially in either direction since Krugman's tweets.

I feel that's a fairer reading of what he's saying.

But you can just feel his ego through his tweets "I'm supposed to know something about currency crises — I did invent the academic field!"

> I did invent the academic field!"

It doesn't follow that he can make money trading it.

There's headlines about it being a currency crisis, and he disagrees.

-30% YTD Not just “trading down a bit”