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Paul Krugman doesn't know what all the fuss over Detroit is about

Paul Krugman (Credit: YouTube)

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...

One last thing…
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