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

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...