December 2, 2011

Killing the Euro

Paul Krugman, in the New York Times:

“So the next time you hear someone claiming that if we don’t slash spending we’ll turn into Greece, your answer should be that if we do slash spending while the economy is still in a depression, we’ll turn into Europe. In fact, we’re well on our way.”

Professor Krugman’s column reads like a timeline of Europe’s downfall. Don’t be fooled by daily upticks in the stock market or headline announcements by central bankers, because this crisis is only beginning.

For a succinct explanation of where we are in the current economic downturn and why, give it a quick ten-minute read.