Only government can save us now: Krugman
(NEWSER) - For decades economists believed that a second Great Depression was impossible; all the Fed had to do, they said, is print more money. But as Paul Krugman writes, monetary policy has failed; despite "supplying liquidity like an engine crew trying to put out a five-alarm fire," credit remains elusive and the economy is tanking. For the New York Times columnist, only fiscal policy—that is, massive government spending—can stave off a repeat of the 1930s. More»
