Paul Krugman whines "... And this third depression will be primarily a failure of policy. Around the world — most recently at last weekend’s deeply discouraging G-20 meeting — governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending..."
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Comment: It is well known that Paul Krugman has a problem with facts. How can he writes such nonsenese as quoted above when deficits are exploding everywhere? I guess he even believes that the reason for the outbreak of the current recession was "inadequate spending" from 2000 to 2007.
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