Paul Krugman: How Are These Times Different?:
Ah, Paris! You walk for miles and miles — it’s still, after all these years, a spectacularly beautiful city. Then you have as traditional a meal as possible at an old-fashioned bistro, washed down with lots of wine. And you feel like hell the next morning….
[W]hen it comes to macro issues I am pretty much a curmudgeon, someone who thinks that the similarities between our time and the 90s in Japan or the 30s everywhere are a lot more important than the differences…
Yes, definitely. That is the principal lesson right now!