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Rurik_A

(12 posts)
Tue Dec 13, 2011, 03:23 AM Dec 2011

Paul Krugman: We're in "a Depression" [View all]

http://www.nytimes.com/2011/12/12/opinion/krugman-depression-and-democracy.html?src=me&ref=general

And that's the happy part! Later in the editorial, he writes of the situation in Europe:

Right-wing populists are on the rise from Austria, where the Freedom Party (whose leader used to have neo-Nazi connections) runs neck-and-neck in the polls with established parties, to Finland, where the anti-immigrant True Finns party had a strong electoral showing last April. And these are rich countries whose economies have held up fairly well. Matters look even more ominous in the poorer nations of Central and Eastern Europe.

Last month the European Bank for Reconstruction and Development documented a sharp drop in public support for democracy in the “new E.U.” countries, the nations that joined the European Union after the fall of the Berlin Wall. Not surprisingly, the loss of faith in democracy has been greatest in the countries that suffered the deepest economic slumps.

And in at least one nation, Hungary, democratic institutions are being undermined as we speak. One of Hungary’s major parties, Jobbik, is a nightmare out of the 1930s: it’s anti-Roma (Gypsy), it’s anti-Semitic, and it even had a paramilitary arm. But the immediate threat comes from Fidesz, the governing center-right party.

Fidesz won an overwhelming Parliamentary majority last year, at least partly for economic reasons; Hungary isn’t on the euro, but it suffered severely because of large-scale borrowing in foreign currencies and also, to be frank, thanks to mismanagement and corruption on the part of the then-governing left-liberal parties. Now Fidesz, which rammed through a new Constitution last spring on a party-line vote, seems bent on establishing a permanent hold on power.
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that is some scary stuff indeed Skittles Dec 2011 #1
Excellent Article jannyk Dec 2011 #2
Actually, all the evidence seems to be that we're crawling OUT of the recession at the moment. TheWraith Dec 2011 #3
Um, wut? Ruby the Liberal Dec 2011 #5
ditto -- Remember Me Dec 2011 #15
Yup. Corporations hording cash is not a sign of strength either Ruby the Liberal Dec 2011 #21
Right DeathToTheOil Dec 2011 #25
You're buying that? Warpy Dec 2011 #14
I have much respect for Dr K. Ruby the Liberal Dec 2011 #4
Du rec. Nt xchrom Dec 2011 #6
I can see why some might think the term "depression" is overblown, but ... dawg Dec 2011 #7
We seem to be following path of austerity, don't you think? dixiegrrrrl Dec 2011 #9
Economics 101 when 90% of a country's assets are in the lovuian Dec 2011 #8
K&R Odin2005 Dec 2011 #10
We have been in a Depression the last year & worst to be felt is coming in 2012. Pachamama Dec 2011 #11
Are you serious? Dan Dec 2011 #22
Yes, I am serious.... Pachamama Dec 2011 #26
Thank you,... Dan Dec 2011 #28
Good grief. Half a dozen post WWI Germany economies. bluerum Dec 2011 #12
Merry fucking Christmas! DeathToTheOil Dec 2011 #17
in fact, in the 20s Romania, Bulgaria, Yugoslavia, and the other new countries bankrupted themselves MisterP Dec 2011 #13
"there’s no Hitler in sight." ellisonz Dec 2011 #16
"ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight." Maven Dec 2011 #18
I got really tired of all the Hitler/Nazi references... ellisonz Dec 2011 #19
Hail the oligarchs! n/t Jefferson23 Dec 2011 #20
Not if you're a banker or other member of the 1%. Then you're doing better than ever. MannyGoldstein Dec 2011 #23
wrong spelling. it's a depWession. pansypoo53219 Dec 2011 #24
k&r Starry Messenger Dec 2011 #27
Excellent read. blackspade Dec 2011 #29
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