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Meanwhile, policymakers are blindly pursuing austerity.
The GOP's zealotry on tax cuts is only matched by its zealotry in pursuing austerity policies.
And they also show that countries pursuing austerity have by and large seen their debt positions worsen: But take heart.
With a third of the euro area's GDP in crisis countries, and with the core countries also pursuing austerity, this is a gigantic problem.
Europe will be pursuing austerity, China is trying to rein in bank lending but America has opted for another fiscal stimulus.
Rather it portends fears that the international economic order may collapse because if so many countries are simultaneously pursuing austerity, where's growth to come from?
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"It is deeply destructive to pursue austerity in a depression," said Krugman.
European governments pursued austerity policies to cut their debts, further stalling economic activity and in turn inflating deficits.
If nothing more is done, and if policy makers continue to mostly pursue austerity measures, the euro zone will fall into a debt-deflation spiral, he said.
Unfortunately, policy makers have been intimidated by those false priests, who have convinced them that they must pursue austerity or face the wrath of the invisible market gods.
A second group — Ireland, Spain, Portugal, the Baltic states — has pursued austerity programs, and now fears that Syriza, if successful, would leave those countries exposed to radical domestic opposition.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com