"The Great Depression happened largely because policy-makers imagined that austerity was the way to fight a recession; the not-so-great depression that has enveloped much of Asia has been worsened by the same instinct."
How did Paul Krugman qualify for the Nobel Prize? Note his even handed method of letting people know that those who say "excessive credit is always a bad thing"
are moralizers who do not realize that in Krugman's world liberality, with OPM!, is the solution!
It's all so simple!