Implications of Economic Recessions

Economist and New York Times columnist Paul Krugman discusses the geopolitical implications of the financial crisis by exploring the financial situation of Greece and other countries in the European Union.

Paul Krugman explores the nature of financial crises, which he says are all the same, and the tendency for those in the midst of one to think "this time it's different." Krugman discusses the impact of the financial crisis on geopolitics and strategic relationships worldwide, especially the rest of the European Union. Paul Krugman addresses the lack of structural solutions for Greece and other highly indebted European countries such as Spain and Portugal. Krugman also mentions the common notion of the role of the Euro to the role of the gold standard in the early years of the Great Depression, and attempts to get to the root of a problem that everyone agrees could not have been predicted.