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May 11, 2009
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BEIJING, May 11 (Reuters) - The United States risks a Japan-style lost decade of growth if it does not take aggressive action to stimulate its economy and clean up its banking system, Nobel Prize-winning economist Paul Krugman said on Monday.
"We're doing half-measures that help the economy limp along without fully recovering, and we're having measures that help the banks survive without really thriving," Krugman said.
"We're doing what the Japanese did in the nineties," he told a small group of reporters during a visit to Beijing.
He said it was not clear that China would suffer sub-par growth as a consequence of the fallout of the present crisis.
"I'm mostly worried that the U.S. and the euro zone will have Japanese-type lost decades," he said.
http://uk.reuters.com/article/governmentFilingsNews/idUKPEK5258120090511
The BIG difference is Japan was able to export its way to no growth and its people had little debt!!!!!
If we continue down the same path....Japan would be a good result......PREPARE....DON"T FEAR!!!!!!!!!!!!!!!!!!!!
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