No, it is not 2.0, it is 3.0!

It looks like Krugman and 'ace' economists have finally come round to accept that we are facing or we are in Depression 3.0! I had mentioned about Depression 2.0. I am not an economics student and obviously didnt know about the 'Panic of 1873' that Krugman mentions in his column of 'The Third Depression'.

What is the way out? Well, according to me, cut salaries everywhere and anywhere, worldwide. People have to stop feeling that they are more equal than others and hence have to be paid more. This is not going to happen and so we are going to enjoy Depression 3.0 for a long long time or to quote Krugman

And who will pay the price for this triumph of orthodoxy? The answer is, tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again.

To quote a line earlier

It is, instead, the victory of an orthodoxy that has little to do with rational analysis, whose main tenet is that imposing suffering on other people is how you show leadership in tough times.

Well that looks like a line taken out of Communist Manifesto ;) The fact is that it is indeed the truth and it does have some parallels in India with the caste system or even the $crewism theory - there are two kinds of people - those whose $crew others and those who get $crewed :(