Quote from Paul Krugman: Respected Economist

This is a quote I found on CNN TV from Wolf Blitzer quoting the New York Times OP-ED

Regarding the present Debt Ceiling  Bill compromise going through congress:

"It will damage an already depressed economy: it will probably make America's long-run deficit problem worse, not better: and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status." end quote.

The corporate sponsorship to the tune of millions of dollars that actually created the "Tea Party" from scratch like it was making a Hollywood movie demonstrates a new kind of Political extortion in america. And unfortunately, the whole world is suffering and will be suffering as a direct result.

One comment from Europe says it all to me, "America is acting like a parasite on the world economy".

Is this the end of the U.S. economy or just the end of the beginning? Or can this be but the beginning of a course correction,  a retooling of the U.S. economy to something useful both to itself and to the whole world ongoing?