BUSINESS

Weimar on the Aegean

New York Times

Professor of Economics and International Affairs at Princeton University, New York Times columnist, and 2008 Nobel Peace Priz — Professor of Economics and International Affairs at Princeton University, New York Times columnist, and 2008 Nobel Peace Prize winner in Economics, Paul Krugman, listens to his introduction before delivering remarks February 11, 2009 at the Institute for America's Future 'Thinking Big, Thinking Forward' conference on America's economic future at the Capitol Hilton in Washington, DC. AFP Photo/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP/Getty Images)

Try to talk about the policies we need in a depressed world economy, and someone is sure to counter with the specter of Weimar Germany, supposedly an object lesson in the dangers of budget deficits and monetary expansion.

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