[FoRK] Krugman in NYT: The Third Depression
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,
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.
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