Posted by
john on Tuesday, December 09, 2008 12:53:22 AM
The Irascible Don Luskin, from his site, poorandstupid.com:
Paul Krugman in Stockholm to collect his Nobel loot, and lecture the world on the the end of the world:
"A scenario I fear is that we'll see, for the whole world, an equivalent of Japan's lost decade, the 1990s -- that we'll see a world of zero interest rates, deflation, no sign of recovery, and it will just go on for a very extended period," he told a news conference.
Krugman added that in his worst case scenario there would also be a series of extremely serious crises "in particular countries that are in big trouble."
What an insight. "Crises" in "countries that are in big trouble." Does that mean there will be no crises in countries that are not in big trouble? But I digress...
"We can easily be talking about a world economy that is depressed until 2011 and maybe beyond," Krugman said.
"If there's a safe place I can't see it."
Buy everything. Buy it now.
Thanks to Chris Ciancio and Ajeya Tatake.