In the article "Revenge of the Gult" by Paul Krugman, in the New York Times. Krugman starts out talking about the "Subprime Crisis" and how it was such a worry if it could be contained. He shares how now that subprime was just a small fraction of our problem today. Kurgman answers the question "How did this global debt crisis happen?", with a speech given by Ben Bernanke. Bernanke's speech, titled “The Global Saving Glut and the U.S. Current Account Deficit", foreshadowed four years ago what is happening now. He points out the mid-1990's emerging economies of Asia had been major importers of capital, borrowing abroad to finance their development. Krugman simply expalins how we got into this mess.
This article was written I think as a simple slap in the face to Americans as to how there were so many ways we could have avoided aleast some of the situation we are in now. The article was written to the public showing that all the warning signs were there we all refused to listen to them. Krugmans argument is that there was so many ways to avoid alot of this but America refused now we are paying the consequence.
