KRUGMAN LIGHTS ANOTHER CANDLE ON THE ALTER OF ST MAYNARD OF KEYNES TODAY...
KRUGMAN HAS BEEN ST. MAYNARD'S CHIEF PRIEST, AND MOST ARDENT DEVOTEE DURING THIS DEPRESSION...
BUT MY QUESTION REMAINS UNANSWERED ...
MAYBE KEYNESIAN ECONOMICS ONLY WORKS WHEN YOU ARE TWEAKING A CYCLICAL DECLINE...
BUT NOT WHEN YOU HAVE A TOTALLY BLOWN OUT OF THE ECONOMY...AS IS THE CASE IN THE US...
"AMERICAN EXCEPTIONALISM" HAS FOR TOO LONG MEANT THAT THE NORMAL RULES OF MACROECONOMICS DID NOT APPLY TO US...
THAT SAID I DO NOT THINK WE ARE GREECE...OR EVEN ARGENTINA...
WE ARE WIEMAR GERMANY IN THE 1930'S....
ALAS, IN MORE WAYS THAN ONE.
