[FoRK] Krugman in NYT: The Third Depression

Jeff Bone jbone at place.org
Mon Jun 28 06:53:39 PDT 2010





On Jun 28, 2010, at 8:28, Eugen Leitl <eugen at leitl.org> wrote:

> On Mon, Jun 28, 2010 at 07:52:28AM -0500, Jeff Bone wrote:
>>
>> PK says we are in the early stages of a Depression that will be more
>> severe than the Great Depression.
>
> What a shockingly novel insight.
>

No doubt. ;-)

> Of course it's much too late for anything by many years.

We almost certainly can't avoid the fall. We still have some tiny bit  
of discretion and control over a small range of possible extents of  
damage, and what things will look like on the other side.

We almost certainly won't do anything useful about the former.  The  
latter, a little more likely but still slim chances for any positive,  
controlled outcome.

Btw, the only reason this was newsworthy, Eugen, is that PK is the  
high priest of the neo-Keynesian cult.  His sermons get listened to by  
many in high places.  The twin extents of his dogmatic delusion and  
rejection of objective reality may say a lot about how this goes down.

I realize you've already come to grips and are focused on after.  Most  
people are still in denial that a serious crash on many fronts is even  
possible, much less already underway.

That PK has at least identified that a problem is likely may help  
raise awareness, even if he's dead wrong about the causes and  
potential responses.  At least "we've" now identified that we have a  
disease, even if diagnosis and cure remain elusive.

VERY thin silver lining.

jb




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