Krugman on the depression

Paul Krugman states the issue succinctly (The Defeatism of Depression 12/27/2011):

There is nothing — nothing — in what we see suggesting that this current depression is more than a problem of inadequate demand. This could be turned around in months with the right policies. Our problem isn’t, ultimately, economic; it’s political, brought on by an elite that would rather cling to its prejudices than turn the nation around.

Tags: paul krugman, world economic crisis