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.
from The Third Depression [emphasis added]
This crap is what passes for economic wisdom from a Nobel Prize winner! Nowhere is there any indication that efficient production of effective infrastructure on a vast scale is required, that all the GAMBLING debts created by Krugman's banker buddies should be dumped in the garbage where they belong, and that the insane "war on terror" should be stopped immediately. Instead, he's advocating hyperinflation to cover these gambling debts, and says nothing about production of infrastructure.
Krugman is either the worst sort of snake on the planet, or an idiot. He said some good things a while back, apparently to generate some credibility, and it appears that he's now getting out in front of the collapse-curve (which LaRouche has been publicizing for years) for the same reason, and giving us the impression that it's just another garden-variety depression to give us a false sense of security, probably knowing that it will only end with the LaRouche Plan, or the deaths of billions.