Krugman: the U.S. is "playing the role usually assigned to third-world economies"

following my "here we go" post of yesterday, krugman weighs in...

Mexico. Brazil. Argentina. Mexico, again. Thailand. Indonesia. Argentina, again.

And now, the United States.

The story has played itself out time and time again over the past 30 years. Global investors, disappointed with the returns they’re getting, search for alternatives. They think they’ve found what they’re looking for in some country or other, and money rushes in.

But eventually it becomes clear that the investment opportunity wasn’t all it seemed to be, and the money rushes out again, with nasty consequences for the former financial favorite. That’s the story of multiple financial crises in Latin America and Asia. And it’s also the story of the U.S. combined housing and credit bubble. These days, we’re playing the role usually assigned to third-world economies.

the news that's already out there about the deepening u.s. financial crisis and the tanking economy is bad enough... given our media's penchant for NOT giving us the full story on anything else, is there any reason to think that things might not be a great deal WORSE than we're hearing...?

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