End This Depression Now!

End This Depression Now!

Book - 2012 | 1st ed.
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Krugman pursues the questions of how bad the "Great Recession" really is, how we got stuck in what can now be called a depression and, above all, how we can free ourselves.
Publisher: New York, NY : W. W. Norton, c2012.
Edition: 1st ed.
ISBN: 9780393088779
0393088774
Branch Call Number: 330.973 KRUGMAN
Characteristics: xii, 259 p. ; 25 cm.

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redban Sep 05, 2014

I could give this book a lower rating, but do not want to be miscategorized as being pro-austerity or Libertarian or even a neocon! But in all seriousness, this book just scratches the surface. It neither exposes the systemic corruption that led to the Depression; nor does it go far enough in providing a solution to end the mess and actually prevent it from happening again.

s
StarGladiator
Dec 14, 2013

The crimes of neocon [self-described liberal poseur] Paul Krugman: claims that the ending of Glass-Steagall wasn't involved with the global economic meltdown; claims that banks do not create credit [thus proving he's utterly ignorant of the fractional reserve banking system]; claims that simple supply-and-demand was responsible for the surge in oil prices in 2008 -- even though the Baltic Index indicated an overabundance of tankers sitting empty and unused in the seaports and ignoring the massive speculation on ICE by Goldman Sachs, Morgan Stanley, et al., along with massive speculation on Freight Forward Futures, and oil refinery-involved chemicals [i.e., full spectrum speculation]; and sanctions against Iran removed their oil from the world markets -- continues to successfully represent the central banksters to the detriment of the citizenry! [For real and truthful economics thinking, please read Michael Hudson, Michael Perelman, Dean Baker, Mark Blyth and Samir Amin.] If one carefully reads the FCIC Report, and this book, one will begin to understand what I mean.

j
jmleandro
May 15, 2013

What to say about Paul Krugman's "End this Depression Now"?
Krugman has an excellent track record as resident economic pundit at the New York Times, explaining the complex and easily mangled economic analysis of modern finance accurately and in clear language. Punditry has deteriorated over the last few years into shouting matches between so called "free market supporters" aka Tea Party advocates, and liberals. Paul Krugman, whose blog at the Times is called "the conscience of a liberal" is a balanced, strongly pragmatic voice that happens to know his stuff, and seeks the truth above all else. This book is proof undeniable of his expertise and his ability to explain complex matters in everyday language. A good read for an economics text, which in most cases tend to be dry and boring. I particularly like the case Krugman makes about economics not being a morality play, but rather a scientific process, even if it cannot be at a par with the hard sciences ( economists don't have the privilege of testing theory in controlled lab conditions as other scientists do ). The science of economics is not simply preoccupied with establishing correlations to " prove" whatever ideas are in vogue; and economists should always be vigilant about jumping the gun and making any correlated events into cause- and- effect relationships. As a science economics will never come up with natural laws, or if it does their origin is questionable. 
A final endorsement, this book is worth reading, but should one be in a hurry Krugman has recently given a terrific synopsis of this material in an article in the New York Book Review of June 6, 2013: " How the Case for Austerity Has Crumbled."

voisjoe1 Sep 11, 2012

Anybody with the ability to understand simple graphs, calculations about percentages, and the difference between millions, billions, and trillions should be able to reap a better understanding of the world economics of the last twenty to thirty years. Krugman writes in a step-by-step manner to keep the reader engaged and following the plot. If you do not learn something with this book, perhaps you were not meant to be one of those that read.

When he argues against economists on the right, he often gives two sides to his arguments. One is, perhaps the conservative economists don't understand certain facts which he then elucidates. The other argument is that some on the right are just being deceptive on purpose.

Krugman gives prescriptions, both government spending programs and monetary prescriptions that could decrease the unemployment rate by several percent right now. One would be that if Obama wins the election, he should fire the guy who refuses to let the federal government reduce mortgage principals and monthly payments for people that are on the verge of defaulting or are underwater in their mortgages.

a
arleennomura
Aug 21, 2012

Krugman's personable style makes a dry and complex subject clear and understandable. Everyone should read this before the next presidential election.

m
mccal006
Jun 08, 2012

A great overview of Keynesian economics, sure to reaffirm anyone who already believes in the system. But honestly, it's more than just a little depressing that Krugman's final conclusion is that all we need is the "intellectual clarity and political will to end this depression now."

j
jhwendland
Jun 07, 2012

In the Introduction to End This Depression Now, Krugman writes, "For the most part, the mushrooming literature on our economic disaster asks, 'How did this happen?' My question, instead, is 'What do we do now?'"

Of the 240 pages that follow, 200 are devoted to answering "How did this happen?". The book is a little elementary but offers a decent overview of recent economic occurrences.

d
DEWLine
May 27, 2012

Seconded!

c
cshahriari
May 04, 2012

Paul Krugman makes a strong case for governments and central banks to change their current policies, namely an increase of the inflation targets from the current 2% to a slightly higher 4%. Combined with government stimulus, his suggested medicine for the world economy is meant to restore employment to an acceptable level while the private sector is slowly trying to recover. "So this is very much a time to step on the gas pedal, not take our foot off it" Page 222. I can only agree with his approach as the Austerian approach in Europe and other parts of the world don't deliver the expected results. People may not like his suggestions but history shows that this is the right way to deal with the "Depression" and I quote:

What can be done? One way is to find some way to reduce the real value of debt. Debt relief could do this; so could inflation, if you can get it, which would do two things: it would make it possible to have a negative real interest rate, and it would in itself erode outstanding debt. Yes, that would be rewarding debtors for their past excesses, but economics is not a morality play. (Pg. 147)

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c
cshahriari
Jun 15, 2012

We can end this depression - and we need to fight for policies that
will do the trick, starting right now." (Pg. 230)

c
cshahriari
Jun 15, 2012

Even euroskeptics like me realize that breaking up the euro now that
it exists would have very serious costs. For one thing, any country
that seemed likely to exit the euro (e.g. Greece) would immediately
face a huge run on its banks, as depositors raced to move funds to
more solid euro nations (Pg. 184) Moreover, an about-face on the euro would be a dramatic political defeat for the broader European project of unity and democracy through economic integration - a project that, as I said at the beginning, is very important not just for Europe but for the world" (Pg. 185)

c
cshahriari
Jun 15, 2012

What this adds up to is a very expansionary monetary policy from the ECB plus fiscal stimulus in Germany and a few smaller countries (Pg. 185)

c
cshahriari
Jun 15, 2012

...the ECB's mandate calls on it to maintain price stability -
period. It's an open question how binding that mandate really is, and
I suspect the ECB could find a way to rationalize moderate inflation
despite what the charter says (Pg. 80)

c
cshahriari
Jun 15, 2012

But the Germans hate, hate, hate, the idea of inflation thanks to
memories of the great inflation of the early 1920s (Curiously, there
is much less memory of the deflationary policies of the early 1930s, which are what actually set the stage for the rise of you-know-who). (Pg. 180)

c
cshahriari
Jun 15, 2012

Workers are much less willing to accept, say, a 5 percent cut in the
number of their paycheck than they are to accept an unchanged paycheck whose purchasing power is eroded by inflation (Pg. 164)

c
cshahriari
Jun 15, 2012

What can be done? One way is to find some way to reduce the real
value of debt. Debt relief could do this; so could inflation, if you
can get it, which would do two things: it would make it possible to
have a negative real interest rate, and it would in itself erode
outstanding debt. Yes, that would be rewarding debtors for their past
excesses, but economics is not a morality play. (Pg. 147)

c
cshahriari
Jun 15, 2012

First things first: the Fed doesn't actually print money, although
its actions can lead to the Treasury's printing money. What the Fed does, when it chooses, is buy assets - normally Treasury bills, aka short-term US government debt, but lately a much wider range of stuff. It also makes direct loans to banks, but that's effectively the same thing; think of it as buying those loans. The crucial thing is where the Fed gets the funds with which it purchases assets. And the answer is that it creates them out of thin air. (Pg. 153)

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cshahriari
Jun 15, 2012

cshahriari thinks this title is suitable for 13 years and over

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c
cshahriari
Jun 15, 2012

Paul Krugman makes a strong case for governments and central banks to change their current policies, namely an increase of the inflation targets from the current 2% to a slightly higher 4%. Combined with government stimulus, his suggested medicine for the world economy is meant to restore employment to an acceptable level while the private sector is slowly trying to recover. "So this is very much a time to step on the gas pedal, not take our foot off it" Page 222. I can only agree with his approach as the Austerian approach in Europe and other parts of the world don't deliver the expected results. People may not like his suggestions but history shows that this is the right way to deal with the "Depression" and I quote: What can be done? One way is to find some way to reduce the real value of debt. Debt relief could do this; so could inflation, if you can get it, which would do two things: it would make it possible to have a negative real interest rate, and it would in itself erode outstanding debt. Yes, that would be rewarding debtors for their past excesses, but economics is not a morality play. (Pg. 147).

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