HAS BEEN REJECTED BY THE UNBELIEVERS...!
WE ARE ALL UNREPENTANT PAGANS NOW...!
WHAT KRUGMAN MISSES IS THAT DURING THE DEPRESSION OF THE 1870's...WE WERE AN AGRICULTURAL NATION...
ALMOST EVERYONE HAD ACCESS TO A "BACK 40" TO RESORT TO... IF THINGS GOT REALLY BAD...
WHERE DO WE GO NOW MR. K....??
WHERE IS THE "BACK 40" FOR THE MASSES OF UNEMPLOYED...??
GIVE THIS GREAT DEPRESSION ENOUGH TIME AND WE ARE NOT BACK IN THE 1870'S...
BUT RATHER...AT 1917...!!
KRUGMAN: "In the face of this grim picture, you might have expected policy makers to realize that they haven’t yet done enough to promote recovery. But no: over the last few months there has been a stunning resurgence of hard-money and balanced-budget orthodoxy.
So I don’t think this is really about Greece, or indeed about any realistic appreciation of the tradeoffs between deficits and jobs. It is, instead, the victory of an orthodoxy that has little to do with rational analysis, whose main tenet is that imposing suffering on other people is how you show leadership in tough times.
And who will pay the price for this triumph of orthodoxy? The answer is, tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again."
