Paul Krugman: ‘We Are No Longer the Country the Rest of the World Thought We Were’

EXCERPT:

KRUGMAN: "I mean, they’d have to say, 'Okay, sorry, this was a glitch, failure mode. We don’t know what was going on there. So we’ll just do a, you know, a reset. We’ll do a control-alt-delete and reboot the whole thing.' But the thing is, even if you did that, the fact is that we are now a country that did this. You can’t — we spent about 80 years — I mean, this trading system really goes back to 1947. And we just ripped the whole thing up. And even if we say, 'Oh, sorry, that was a mistake,' the fact is that we are no longer the country that the rest of the world thought we were. You don’t get that back."