Paul Krugman — who shares the distinction of being a Nobel Laureate with Al Gore, aka the “crazed sex poodle,” and President “Plug” Obama — is warning us of the dangers of a third great depression.
Third? Do you wonder when we had the second?
That was my reaction, too.
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To show off the erudition that so amazed the judges in Stockholm, the Joseph Stalin professor of economics at Princeton University counts the Panic of 1873 as the start of an earlier depression. But why stop there? Why not include the Panic of 1857? Or the still more severe Panic of 1837? Most of all, why not include the most devastating depression of them all — the one that wiped out 80% of first two waves of settlers at Jamestown, mostly from famine, despite fertile soil, plenty of game and an abundance of seafood? Now there was a real depression — like the Great Depression of the 1930s — that tells us a lot about the disastrous consequences of collectivism
Krugman fears that an outbreak of common sense will lead to the downfall of Western civilization. It pains him to think that people are losing their faith in funny money and the time-tested (i.e. repeatedly falsified) idea that the best way to get out of an economic mess created by excessive government spending is to spend your way out with more government spending. This is Krugman’s heart-rending lament in the New York Times:
Read More: By Andrew B. Wilson, American Spectator