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Krugman’s Austerity Alarms Miss Depression Lessons: Amity Shlaes

Dec. 15 (Bloomberg) -- So it’s official. The New York Times, or at least columnist Paul Krugman, has declared us to be in a worldwide depression. And just in time for Christmas.

Democracy is at stake, Krugman alleged in his Dec. 11 column, and Europe, economically and socially, will tip into fascism if it doesn’t cease pursuing “ever-harsher austerity, with no offsetting effort to foster growth.”