PAUL KRUGMAN The Third Depression – NYTimes.com

Paul Krugman just after receiving his 2008 Nobel Prize in economics.

Op-Ed Columnist – The Third Depression – NYTimes.com.

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.