The article “Revenge of the Glut” was written by Paul Krugman of the The New York Times and was published on March 1st, 2009. Paul Krugman has a B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics. He has been writing for the New York Times since 1990.
The purpose for the article was for anyone interested in knowing why the United States is in a hole and why economics works and anyone that doesn’t understand how it works and how we got in this glut. It also describes how many European markets have failed, such as the Iceland, Ireland, and Estonia. For awhile these three were on top of there game with the inrush of capital money that created the illusion of wealth and in the last two to three years the capital bubble has burst. Recently this year Iceland went bankrupt. Also talk about the Asian financial crisis of 1997-98 which back then, twelve years ago seemed like a big deal at the time but no it looks like nothing compared to the crisis now. The other thing it describes is how our money is spread all over the world and now we must get it back somehow. But the basic point of this article is how the United States got into the financial mess it’s in right now. But in the end I believe our country can prevail from this crisis. It was an interesting article the read about.
