Krugman, the "Nobel Prize Winning Economist" at the NYT is a Keynesian's Keynesian, and now he's blaming economic policies that he endorsed as the reason that we are in the beginning stages of a 3rd "Depression". He has argued for deficit spending in the past and now is railing against it. This man should be standing in a bread line, out of work and having a first hand look at the sort of policies that brought us here. He wouldn't know or understand Austrian Economics and Sound Money policy if it were explained on an elemetery school level.
In this morning's NYT, Krugman had this to say:
"We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending."
And just where, pray tell, will the funds to combat this "inadequate spending" come from? Moron!
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