Paul Krugman: The next downturn will be a ‘smorgasbord recession’

Nobel Prize-winning economist Paul Krugman says bond market signals are flashing “a pretty good chance of a recession sometime in the next year or so.”

He points out that China is struggling and Europe may already be in a recession.

But Krugman says it is unlikely that only one factor will cause the next financial downturn. The deflation of a tech bubble and corporate debt could also come into play.