As FALLING house prices and tightening credit squeeze America's economy, some worry that the country may suffer a decade of stagnation, as Japan did after its bubble burst in the early 1990s.

随着美国国内房价的下跌和信贷紧缩的持续加强，一些人开始担心美国可能经历像日本上个世纪90年代早期经济泡沫破灭后那样的十年滞胀。

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The problem with America's economy is that the last bubble, the "home-mortgage, derivative, credit default swap bubble" popped, as all economic bubbles eventually do.

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He rightly points out that any assessment of America's economy based on the peak of its Internet bubble in 1999-2000 would be misleading.

ECONOMIST: Global politics