I was fairly amazed to read Paul Krugman’s latest op-ed in the New York Times, titled “ A Permanent Slump? ” He seemed to be coming remarkably close to saying what several of us have been trumpeting for the past few years—that world economic growth is ending and we’d better retool accordingly. “What if the world we’ve been living in for the past five years is the new normal?,” he writes. “What if depression-like conditions are on track to persist, not for another year or two, but for decades?” Wow. That’s a gutsy statement, given that it’s coming from one of the high priests of the Religion of No Limits (otherwise known as economics). What’s even more remarkable is that Krugman’s sudden insight was evidently triggered by comments from Larry Summers (who was almost nominated to be the next Fed Chairman), in a speech at a recent IMF conference […]