Austrians like myself have long been calling this “recession” a depression. My WND colleague Vox Day wrote a book explaining why this economic downturn is a depression—the worst we’ve seen so far because of unprecedented levels of household and government debt. Now Paul Krugman, whose Keynesian voodoo I discussed in “Obama To G-20: Print More Money, Don’t Make It,” has, finally, diagnosed a depression.

This dangerous moron, however, believes depressions are caused by lack of spending—dips in demand must be compensated for by massive state spending, or else. That’s Keynesianism in a nut shell. Of course, be it on the macro or micro level, debt = decline + decay

HERE crazy Krug condemns the “resurgence of hard-money and balanced-budget orthodoxy”:

“…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.”

[SNIP]

Fans of Vox Day: write to our friend and urge him to write-up answers to the interview I sent him weeks back pursuant to reading the copy of “The Return of The Great Depression” he mailed me. Change the questions if you don’t like them, VD, respond to the Krug news; do what you like with my text, just get to it.