Paul Krugman wrote this article that appeared in The New York Times. The article was written to help Americans make sense of how our current economic crisis all started.
We, apparently, shouldn't be at all surprised with the economic disaster we now find ourselves in. Ben Bernanke forshadowed what was to be in a speech he gave four years ago. Many countries, including the United States, were living for the here and now--living high on the hog so to speak. Since many didn't see the need to heed warnings of impending economic meltdown, they chose to ignore the fact that there would be consequences down the road. So now we see that most of us are wanting to save and not spend. This has caused the entire global economy to come to a screeching hault.
