Paul Krugman: How to create a pandemic depression

(AP file photo) In this May 9, 1938, photo, people stand in line for their portions of a federal surplus of potatoes and cabbages in Cleveland. Nearly a century later, the U.S. economy is all but shut down, and layoffs are soaring at small businesses and major industries. A devastating global recession looks inevitable. Deepening the threat, a global oil price war has erupted. Some economists foresee an economic downturn to rival the Depression.