From MoneyNews.com
By Gene Koprowski
The U.S. economy is in the “early stages” of a depression
, one which will be much more severe than the Great Depression, Nobel Prize winning economist Paul Krugman warns.
“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,” Krugman writes in the New York Times.
“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,” he wrote in the Times.
This third depression will emerge as a result of the failure of government economic policy.
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, one which will be much more severe than the Great Depression, Nobel Prize winning economist Paul Krugman warns.“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,” Krugman writes in the New York Times.
“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,” he wrote in the Times.
This third depression will emerge as a result of the failure of government economic policy.
Read the rest of this entry >>
I'm saving like crazy right now, not that I need to, but because I'm worried Washington hasn't quit messing with the economic system. I'd be happy to spend I if I could be sure Obama wasn't going to make me wish later that I hadn't.
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