Krugman’s Prophesy

Two years ago, writing in the New York Times about the inflating housing bubble and soaring American debt – with China’s central bank nearing a trillion dollars in U.S. treasury bond holdings –Paul Krugman made a comment someone should have listened to:

“These days Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.”

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