Like Greece and Rome, great civilizations rise and fall. It's just the natural way of things, Krugman says, and Detroit is just the latest example:
There are influential people out there who would like you to believe that Detroit’s demise is fundamentally a tale of fiscal irresponsibility and/or greedy public employees. It isn’t. For the most part, it’s just one of those things that happens now and then in an ever-changing economy.
Move along. Nothing to see here, folks.
You must have to have a Nobel Prize to understand this concept...