Paul Krugman: Washington Determined To Prolong 'Lesser Depression'

07/22/2011 09:13 am ET | Updated Sep 21, 2011
  • Paul Krugman The New York Times

These are interesting times — and I mean that in the worst way. Right now we’re looking at not one but two looming crises, either of which could produce a global disaster. In the United States, right-wing fanatics in Congress may block a necessary rise in the debt ceiling, potentially wreaking havoc in world financial markets. Meanwhile, if the plan just agreed to by European heads of state fails to calm markets, we could see falling dominoes all across southern Europe — which would also wreak havoc in world financial markets.

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