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Princeton University economist, author and New York Times columnist Paul Krugman won the Nobel Prize in economics last year for his work on international trade — so the guy knows what he’s talking about when it comes to this subject. And he’s worried.
First, he offered a few comments about the U.S. economy:
1 - Based on GDP, “the recession is over, we’re back to a world of growth”
2 - But, “the jobs picture is continuing to deteriorate. The recession may be over, but the bad times are nowhere near over.”
3 - “This could be bad. Financial crises tend to produce prolong
“The scale of the collapse of world trade has been so large that it has produced a degree of international linkage that surpasses what even the pessimists imagined,” he said. “World trade acted as a transmission mechanism,” spreading economic distress “even to those countries that had relatively healthy financial systems,” such as Germany.
“We really are one world economy in a way that has never been true before he said.