As Matt of BHaPPY put it to me last week:
"Why is it that I only understand economics when I read this bloke?"
Simple - because Krugman (and several other honourable mentions like Joe Stiglitz and Martin Wolf) are talking sense on Keynesian fiscal stimulus, whereas most politicians - particularly in Europe - don't have a fucking clue.
We have somehow gone from a situation where fiscal stimulus was patently inadequate in Europe, but at least it was being done a bit, to a new and dangerous phase when governments are intent on creating a new Great Depression by cutting spending when the economy is least able to cope with a fall in demand.
Led of course by a couple of twerps called Dave and George. To be honest Gilbert and George would be a better bet for a PM/Chancellor duo. At least they're not malicious.
My advice to politicians if we want to get out of this one alive is to keep reading Paul's blog, combine two parts Paul with one part Richard Murphy three times daily follow advice three times daily and swallow hard.
Why is it I only understand rock guitar when I hear this bloke?