Krugman: We’re in a Depression

Krugman's point: It may not be as bad as the Great Depression, but that's hardly comfort. He gets into the political implications of Europe falling apart at the seams, and how the Euro - and overall, integration both political and economic - was meant in large part to help stop all those wars the Europeans have been having for a few millennia now. He notes uncomfortably that Germany is either being made out to be the bad guy, or in fact is starting to be the bad guy, and how historically that's never been a good thing. He also talks about the rise of the far right in Europe (the anti-immigrant far right won a key election in Sweden when I was there nearly a year and a half ago, and look at what's happened to the Republican party in this country).

It's really infuriating that the only thing the Republicans and the Democrats in this country can agree on is cutting spending, which maybe shouldn't be the last thing on our agenda, but it sure as heck shouldn't be the first during a Depression.