In Rogoff’s view, what Krugman described as a long-term return to “depression economics” was a temporary condition, the consequence of failures to regulate properly and curb debt accumulation. This phenomenon, which he identified as the cause of the economic turbulence, inevitably ended in catastrophe, which could be resolved only through painful deleveraging and heterodox government-enforced debt write-downs.
接着是肯·罗格夫（Ken Rogoff）对克鲁格曼论文的评论。在罗格夫看来，克鲁格曼描述为“萧条经济学”回归的东西只是暂时情况，是没能恰当监管和遏制债务积累的结果。这一现象——他认为这是经济动荡的根源——必然以灾难为结局，而灾难只有通过痛苦的去杠杆和非正统的政府强迫债务减记才能解决。