It is scary to read Paul Krugman, the winner of the 2008 Nobel Prize in Economics…


I believe not only that we’re living in a new era of depression economics, but also that John Maynard Keynes—the economist who made sense of the Great Depression—is now more relevant than ever. Keynes concluded his masterwork, The General Theory of Employment, Interest and Money, with a famous disquisition on the importance of economic ideas: “Soon or late, it is ideas, not vested interests, which are dangerous for good or evil.”

Why scary? Because I doubt that Krugman’s advice will be followed to full extent. In this intertwined global market, we all depend on one another, a unilateral problem solving does not work here. I also have a sense that “the Republican (Conservative) Way” of handling the economy is becoming obsolete these days. It will probably come back (transformed and rethought), but not quite soon.

No matter where we are all in this together.