Paul Krugman: The Urge to PurgeQuicklink submitted by Sheila Samples Permalink
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|The urge to purge -- the urge to see depression as a necessary and somehow even desirable punishment for past sins, while inveighing against any attempt to mitigate suffering -- is as strong as ever. Indeed, Mellonism is everywhere these days. Turn on CNBC or read an op-ed page, and the odds are that you won't see someone arguing that the federal government and the Federal Reserve are doing too little to fight mass unemployment. Instead, you're much more likely to encounter an alleged expert ranting about the evils of budget deficits and money creation, and denouncing Keynesian economics as the root of all evil.|
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